REUTERS
Russia's share in the world GDP may decline to 2.6% by 2020, while in 2014 it amounted to 3.3%, says Former Russian Finance Minister Alexei Kudrin said, according to the Russian newspaper Kommersant.
The share will be "the smallest in all years of modern Russia," according to Kudrin, Kommersant reported on Wednesday, September 2.
Kudrin also said that the Russian economy would rise slightly after 2016 - by 0.5-1.5% per year, "that means stagnation."
Speaking of oil prices, Kudrin suggested a high level of their volatility in the next three or four years. In order to maintain reserves in these conditions, Russia needs to plan its expenditures, focusing on the price of oil at $50 a barrel and the budget deficit of no more than 1%.
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Kudrin said that he saw no willingness for reforms in the actions of the Russian government. Among the trends, he called the strengthening of law enforcement control in the shape of audits aimed at de-offshorization, control over prices and foreign exchange transactions.
Read alsoDW: Ruble follows oil price downIn late August, Minister of Economic Development of Russia Alexei Ulyukayev said that the Russian economy had reached its absolute low, but the situation remained "fragile." The ministry downgraded its outlook for GDP decline in 2015 from 2.8% to 3.3%, as well as adjusted its forecasts for 2016 to the downside.