Vladimir Putin Predicts Russian Economic Rebound in 2 Years
President Vladimir Putin addressed Russia’s currency crisis for the first time, saying it would take as long as two years to emerge from its economic woes, as he blamed external factors for the rouble’s rout but acknowledged that more should have been done to diversify the struggling economy.
Speaking at his annual press conference on Thursday, Mr Putin also said capital controls were not being planned and that the economy, which is being pummelled by falling oil prices and western sanctions over Russia’s involvement in the Ukraine crisis, would adapt to its new reality. Despite the economic turmoil, Mr Putin remained defiant over Russia’s foreign policy and his stance on the Ukraine crisis.
“The economy will adjust to life and work in the conditions of the low oil prices,” he said. “If prices will be low — $60 per barrel, $40 per barrel even, the figure doesn’t matter — the economy will restructure. The question is how quickly the adjustment will happen.”
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