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News // Economy

High Oil Prices Won't Save Russia

08 April 2005 , 14:00582
Russia's economy will not benefit from high oil prices which will spur inflation, Russian Minister of Economic Development and Trade German Gref told a cabinet meeting Thursday.

The record oil prices, according to him, will add almost nothing to growth but will affect inflation.

"High oil prices bring a number of problems for Russia's economy, particularly the added inflationary pressure and the strengthening of the ruble," Gref said.
Reports say the government has revised upwards this year's oil price forecast from 28 dollars to 39 dollars per barrel but there will be no major revision of GDP growth as the growth forecast was already based on high oil prices.

Gref predicted Russia's economic growth this year at 6.5 percent, reports said.

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