Latest news with #MaksimReshetnikov
Russia Today
11 hours ago
- Business
- Russia Today
Russia on verge of recession
Russia's economy is on the brink of entering a recession, Economic Development Minister Maksim Reshetnikov warned on Thursday. Since the escalation of the Ukraine conflict in 2022, Russia's economy has operated under unprecedented Western sanctions aimed at isolating the country. Despite the restrictions, it has shown resilience, outperforming forecasts. GDP grew by 4.1% in 2023 and 4.3% in 2024, making Russia the world's fourth-largest economy by purchasing power parity (PPP), which adjusts for cost-of-living differences across countries. 'The figures show a cooling, but all our data is essentially a rearview mirror,' Reshetnikov said during a panel at the St. Petersburg International Economic Forum (SPIEF 2025). 'Based on current business sentiment and indicators, we are, in my view, already on the brink of entering a recession.' The minister stressed that a recession was not a foregone conclusion, later telling reporters that whether it could be avoided would largely hinge on policy choices, particularly interest rate decisions. 'I didn't predict a recession. I said we're on the brink. From here on out, everything will depend on our decisions,' he said. Finance Minister Anton Siluanov described the state of Russia's economy as 'cooling,' but assured that 'summer always follows winter.' Central Bank Head Elvira Nabiullina characterized the current phase as an 'exit from overheating.' 'Our demand-side economy was expanding, while the supply side lagged behind — that's what caused the overheating and inflation. It's fairly straightforward,' she explained. Earlier this month, the Bank of Russia cut its key interest rate by 100 basis points to 20%, citing a slowdown in inflation. It marked the first rate reduction since 2022 when the central bank adopted a tight monetary policy to stabilize the economy amid a wave of Western sanctions. The central bank projects that Russia's economic growth will slow to 1-2% in 2025, down from 4.1% in 2024, as a result of its monetary policy, while the government maintains a more optimistic outlook, expecting growth of 2.5% next year.
Russia Today
14-05-2025
- Business
- Russia Today
Trade between Russia and Tanzania rising sharply
Trade between Russia and Tanzania has increased by 20% since the beginning of 2025, with Russian exports to the East African country growing by a quarter, TASS reported on Tuesday, citing data discussed at a joint Moscow-Dar es Salaam economic cooperation meeting in St. Petersburg. The surge has been driven largely by outbound shipments of wheat, meslin, and fertilizers, while tobacco raw materials, coffee, tea, and fruit remain key imports from Tanzania, Russian Economic Development Minister Maksim Reshetnikov said. 'After last year's decline in trade turnover, we managed to increase figures by 20% in January-February this year,' Reshetnikov stated, summarizing the outcome of the plenary session of the Intergovernmental Russian-Tanzanian Commission on Trade and Economic Cooperation. Russia and Tanzania have maintained diplomatic relations since 1961, with cooperation spanning education, energy, defense, and infrastructure. During a two-day meeting in St. Petersburg from May 12–13, officials from both countries agreed to deepen joint efforts in trade, logistics, transport, energy, agriculture, investment, tourism, and education. According to Reshetnikov, Russian fertilizer producers are ready to increase shipments to Tanzania, which imports over 90% of its annual 700,000-tonne compost requirement. Russian entrepreneurs are keen to support the efficient use of mineral fertilizers and are willing to train Tanzanian partners in advanced agronomic practices, the minister added. The talks also touched on pharmaceutical cooperation, including the possibility of Russian businesses localizing production of diagnostic test kits and vaccines to serve the Tanzanian market. Moscow and Dar es Salaam are working to implement a bilateral air service agreement signed in June of last year, which aims to resume direct flights between the two countries. Prior to the suspension of flights in 2021, several Russian airlines operated flights to the Tanzanian archipelago of Zanzibar, with official statistics indicating that approximately 6,300 Russian nationals visited Tanzania in 2019, including 4,000 tourists. 'In tourism, the top priority is to resume direct air connections. It is essential to finalize all procedures as quickly as possible to bring the agreement into effect,' Reshetnikov stated.
See - Sada Elbalad
23-02-2025
- Business
- See - Sada Elbalad
Russia Signs MOU to Build Port, Oil Refinery in Myanmar
Russia's Ministry of Economic Development announced on Sunday the signing of a memorandum of understanding (MOU) with Myanmar. The agreement, set in Myanmar's Dawei Special Economic Zone, paves the way for major joint infrastructure projects, including the construction of a modern port, a coal-fired thermal power plant, and an oil refinery. The MOU was signed by Russia's Minister of Economic Development, Maksim Reshetnikov, and Myanmar's Minister of Investment and Foreign Economic Relations, Kan Zaw, during a visit by a Russian delegation to the Southeast Asian nation. This cooperation marks a deepening of ties, with Russia emerging as one of Myanmar's closest allies following the military coup that ousted the civilian government of Aung San Suu Kyi in February 2021. According to the official statement, the memorandum outlines the key criteria for several major infrastructure and energy projects to be executed jointly with Russian companies in Myanmar. Reshetnikov stated, 'The MOU contains the fundamental standards for a number of major projects in infrastructure and energy.' While plans include building a port and a coal-fired power station, he noted that the oil refinery project remains under detailed economic review due to its complexity. Interfax further reported that Russian companies are still evaluating the economic feasibility of the refinery, given the challenging nature of the project. The Dawei Special Economic Zone, spanning 196 square kilometers along the Andaman Sea, is designed to host high-tech industrial zones, transport hubs, IT centers, and export processing facilities
