Recession Could be Ending, but Crisis Will Continue

MOSCOW - “Recession could be ending, but crisis will continue - Russian experts say. This was the result conclusion of the meeting held on Thursday by the experts from the Institute of Contemporary Studies (INSOR) and the Finance & Investment Markets Players Club (KIFIR). INSOR and KIFIR were the initiators of this meeting.

Participants of this meeting included Anatoly Aksakov (Deputy of the State Duma), Igor Yurgens (Chairman of INSOR) and Eugene Kasevin (Chairman of KIFIR).

As it was presented at the press-conference, the experts did not argue the positive notions regarding the overall world economy, which are frequently voiced throughout the world and in Russia. Nevertheless they agreed that currently in Russia, it is only the banking sector that could be considered to be more or less stabilized.

Experts concluded that as far as all the other sectors of the economy are concerned, the situation is close to being catastrophic and Russian economy could be facing a stagnation period.

In any case, the economy is in continued crisis period and it will worsen until some crucial steps will be taken to speed up the development of other sectors, such as nanotechnologies. As experts noted, such view is also supported by the fact that the attempt to save the real sector from crisis by issuing credits has failed.

At the same time the experts noted that during the last nine years Russian leaders have missed out on many innovation opportunities that could have leveraged the economic growth.

As a result, the experts concluded that even in the best case scenario it will be only around 2015 when Russia and the world will be able to fully recover from current crisis.” (Corr. “FK-News” Yury Shikhov, www.fcinfo.ru)

Photographs from the event: www.kifir.info/photo/kifir-insor/ Photographs can be used by journalists only if reference to KIFIR is made.

This event was supported by British companies Peter Hambro Mining Plc (www.peterhambro.com) and BP (www.bp.com). Information and media support came from “Finance.” (www.finansmag.ru), PR Newswire Europe (www.prnewswire.co.uk), Interfax (www.interfax.ru) and FK-News (www.fcinfo.ru).

The panel of experts included: Nikita Maslennikov (INSOR), Andrey Blokhin (INSOR), Vladimir Drebentsov (BP), Igor Maltsev (Finance.), Sergey Kamburov (Central Bank RF), Alexandre Bykov (PR Newswire), Igor Marich (MICEX), Evgeny Plaksenkov (MIEL Holding), Roman Chibisov (Swiss Appraisal), Dmitry Lubomudrov (Russian Chamber of Commerce and Industry) and others.

KIFIR - Finance & Investment Markets Players’ Club, is the first of its kind in Russia, created to unite international professionals involved in the volatile markets of Finance and Investment. Website: www.kifir.info

The INSOR research and discussions are formulated into innovative and practical action recommendations for the President and Government of the Russian Federation as well as analytical and informational materials for the public. Website: www.riocenter.ru/en

Eugene Kasevin, Club KIFIR Chairman, +7-963-716-5837, kasevin@kifir.info, www.kifir.info

Source: KIFIR

Eugene Kasevin, Club KIFIR Chairman, +7-963-716-5837, kasevin at kifir.info