Russia has overcome worst of credit crisis: Deputy PM

Moscow, Sep 16 : Russia has overcome the worst phase of the current global economic crisis and is gradually beginning to recover, deputy prime minister Igor Shuvalov told the lower house of parliament Wednesday.

The State Duma invited Igor Shuvalov and Sergei Ignatyev, the head of the Central Bank, to deliver a report on the government's anti-crisis measures.

"Our statistics departments has reported that the worst stage of the crisis is now over (in Russia), we are certain of that," Shuvalov said, adding that the country had finally taken the path toward a "cautious" revival.

The deputy premier described as positive prospects for Russia's economic development for the rest of the year.

"Some sectors have shown a revival, and we are seeing positive industrial growth... Taking into account all anti-crisis measures, we think prospects for the rest of 2009 are quite favourable, quite positive," Shuvalov said.

He said inflation could reach some 11 percent, and that the country's GDP was expected to fall by over 8 percent in 2009.

However, Shuvalov confirmed an earlier forecast that the country will only return to pre-crisis levels in 2012.

Russian Prime Minister Vladimir Putin gave a "conservative" forecast on Tuesday that the country's GDP growth could be higher than 1.6 percent in 2010.

--IANS