Economist on the world recession: Russia is “smooth water”
There are no premises for system crisis in Russia, believes Prof., Head of Stock Market and Investment Market Department at the High School of Economics Nikolai Berzon, a REGNUM correspondent informs.
According to the expert, as Russia is integrated into the world financial system, the global economic situation can influence the economic situation in the country. The expert says that the question is how deep the impact can be. “There are no internal premises for a crisis. The gross domestic product is rising, the law on budget has been adopted with proficit. Of course, when western funds withdraw their money from Russia, it takes effect on the situation,” the economist believes. However, the thing is about a recession but not a crisis; the recession is not significant or drastic. Berzon practically shared the assessment of the situation made by Russian Deputy Prime Minister, Finance Minister Alexei Kudrin and called Russia “smooth water.”
Speaking on actions taken by the US Federal Reserve System, Nikolai Berzon said that the actions are undoubtedly correct, but they can settle only momentary tasks. The analyst believes that the mortgage crisis will be accompanied by recession and, according to him, by reducing of the interest rate and granting tax preferences by the Federal Reserve System might have an effect, but are not a panacea.
19:16 01/30/2008
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