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Economy Minister warns about impact of banking crisis
RBC, 19.08.2004, Moscow 12:28:54.The recent crisis in the Russian banking sector could have affected economic growth, Russian Economy Minister German Gref said at a government meeting. According to Gref, the banking crisis has not affected economic performance in the January to July period, but one should not rule out the possibility of the negative impacts of the crisis, which may become evident later. The Russian Economy Ministry estimates economic growth for this year at 6.7-7.1 percent, Gref said. The growth rate of 6.9 percent seems to be the most favorable result, he stressed. However, there are certain negative factors and one should take them into account when making any economic forecasts. In the medium term, if the market environment proves negative, the Russian economic growth rate may decrease to 3.5-4 percent, he emphasized. If the market environment proves positive, the growth rate may reach 7-7.1 percent, he added.
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