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Igor Shuvalov: New macroeconomic forecast for Russia will be extremely harsh

The new macroeconomic forecast, which the Ministry of Economic Development of the Russian Federation is preparing now, will be extremely painful, Igor Shuvalov, First Deputy Prime Minister of Russia told the State Duma on January 30.

“We will be relying on the new social and economic forecast that will be very harsh. We have no rosy prospects or illusions. We are reluctant to work under external pressure and amid depressed oil prices,” Shuvalov said.

Furthermore, he said, the oil price in the previous forecast will be halved by the ministry to fit into the current realities.

The deputy prime minister stressed necessity of consolidation of all the power branches and the citizens of Russia.

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