Monday, April 15, 2013

 

Putin rushes to avert double-dip recession

Mounting signs of a global economic slowdown have prompted Russian president Vladimir Putin to order a special meeting of the nation's top economists in a bid to avert a double-dip recession.

His orders came hot on the heels of disappointing growth figures from China, which indicated stubborn slowdown in the world's biggest economy.

The Chinese economy grow 7.7pc in the first quarter, according to official government figures, after expanding 7.9pc in the last three months of 2012. Analysts had expected 8pc growth.

Mr Putin warned that "the global crisis is obtaining ever more dangerous contours that will inevitably impact us, too", as he instructed prime minister Dmitry Medvedev to convene an enlarged group of Kremlin and government advisers to come up with a list of suggested economic cures.

He recalled Russia's slump into recession in 2008-2009, when its economy shrank by nearly 10pc in the wake of the financial crisis.

Back then, the government was forced to inject tens of billions of dollars into its debt-laden banks to battle total economic collapse.

But the economic recovery that followed was slow and peaked at just half the rate of the nearly eight percent growth recorded prior to the crisis.
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