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    No Need for Anti-Crisis Plan for 2017, Russia Moving 'Toward Economic Growth'

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    2016 Eastern Economic Forum in Russia's Vladivostok (41)
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    The Russian economic development minister said he saw no need for an anti-crisis plan for 2017 as the country was "moving toward economic growth".

    VLADIVOSTOK (Russia), (Sputnik) — The Russian economy does not need an anti-crisis plan for 2017, Russian Economic Development Minister Alexei Ulyukayev said Saturday.

    "I believe there will be no need in it, if we move toward the economic growth," Ulyukayev told reporters on the sidelines of the second Eastern Economic Forum (EEF).

    He added that August inflation in the country was close to 0 percent while by the end of the year it was expected to reach 6.8 percent on a year-on-year basis against 7.2 percent in 2015. The minister added that he expected Russia's Central Bank to decrease its key rate by 0.5 percentage points in September.

    "We expect [the reduction of the rate]. It will be ridiculous if they don't do it now," Ulyukayev told reporters, answering a question about his expectations about the possible decision of the Central Bank in regard to the interest rate.

    According to the minister, Russia's taxation system is adequate and should not be changed radically.

    "Our position is that Russia's taxation system is generally reasonable and it should not be distorted without a need… Certain reasonable small changes are possible, but generally speaking I think that we have a quite reasonable taxation system," Ulyukayev said adding that he opposes introduction of progressive personal income tax.

    He added that the Russian government was preparing the 2017-2019 three-year budget basing on oil price of $40 per barrel.

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    2016 Eastern Economic Forum in Russia's Vladivostok (41)

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    economic growth, economy, 2016 Eastern Economic Forum, Russian Central Bank, Russian Ministry of Economic Development, Alexei Ulyukayev, Russia
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