"We are currently feeling the difficult situation in the actual economy. The first quarter will be the weakest for economic growth, this is where the main part of the unavoidable adaptation of economic dynamics came into play. However, already in the second half [of 2015] we don't exclude the possibility of growth renewal," Siluanov said during a Finance Ministry meeting in Moscow.
Siluanov cited accumulated internal structural imbalances were one of the reasons for the slowed economy.
Russian Economic Development Minister Alexei Ulyukayev said earlier this month that the economic recession in the country would come to a halt in the third quarter of 2015, with the GDP set to increase in the last quarter of the current year or the beginning of 2016.
Russia is currently experiencing an economic slowdown. Moscow previously cited the sharp decline in oil prices and the Western sanctions imposed on Russia for its alleged role in the Ukrainian crisis as reasons for the downturn.
The main reason for Russia’s slowed economy is internal structural imbalance and not Western-imposed sanctions, Russian Finance Minister said.
“It should be noted that the sluggishness of economic growth is not only from the events over the last year, the problems here arose much earlier. Already at the end of 2013 the pace of economic growth slowed to 1.3 percent. Why did growth slow? The key reason is the accumulated structural imbalances,” Siluanov said during a Finance Ministry meeting in Moscow.
