Posted on 06/25/2013 2:37:56 AM PDT by TexGrill
The newly appointed Economic and Development Minister Alexei Ulyukayev said Monday that his main task was to prevent a recession, while Prime Minister Dmitry Medvedev said the government expected a 400 billion ruble ($12 billion) budget deficit in 2014.
Ulyukayev, who served as first deputy chairman of the Central Bank for almost a decade before being appointed economic development minister on Monday, outlined his future policy at a meeting with President Vladimir Putin.
He indicated that he would try to pursue his policy without relying on high oil prices, but added that his task would be hard.
“It is one thing to assume leadership when you have a 7 percent economic growth rate [per year], but it is another one then we're hardly getting 3 percent,” he said, Interfax reported.
Ulyukayev's predecessor Andrei Belousov became an economic aide to Putin in what was seen as a major government reshuffle that could set a new tone for economic policy. Elvira Nabiullina, who preceded Belousov as economic development minister from 2008 to 2012, officially took office as head of the Central Bank on Tuesday.
Ulyukayev will set a more liberal economic agenda in the Cabinet, but he will be counterbalanced by interventionists in Putin's administration, including Belousov, experts said.
The soft-spoken Ulyukayev, also known for his poetry, started his career in academic circles and joined the team of liberal reformer Yegor Gaidar as an economic adviser in the early 1990s.
(Excerpt) Read more at themoscowtimes.com ...
12 billion dollar deficit by 2014? I think the US goes 12billion in hole every 3 seconds
Well, you have to admit that your comparison is not fair. US economy is about seven times larger than Russian.
If it wasn’t for the crappy weather and Putin killing unfriendly journalists, Russia would be a better place to live than CA.
So $12 billion times 7 is $84 billion?
Still sounds pretty good compared to the more than thousand billion dollar deficit we have.
Ulyukayev's predecessor Andrei Belousov became an economic aide to Putin in what was seen as a major government reshuffle that could set a new tone for economic policy... Ulyukayev will set a more liberal economic agenda in the Cabinet, but he will be counterbalanced by interventionists in Putin's administration, including Belousov, experts said.IOW, window dressing.
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