Cbanker calls for structural reforms to spur economic growth

MOSCOW, Apr 5 (PRIME) -- The Russian economy’s dependence on oil prices is not high, while structural reforms are needed to spur economic growth, the central bank’s Chairwoman Elvira Nabiullina said at a forum Wednesday.

“Our estimates show that dependence of economic growth on oil prices is not very high. With the range (of oil prices) of U.S. $40 to $60 per barrel, if the price is high, it will give around 1 percentage point of growth, no more. We can significantly increase the pace of economic growth only with structural reforms,” she said.

Without active structural reforms, the economy has a potential to grow by 1.5–2% at any oil prices, she said.

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