Russian economy will fall for a long time - head of the Savings Bank of Russia

Optimistic forecasts for the Russian economy is not, it falls into a long-term negative trend. So, in April continued deterioration of macroeconomic indicators of the Russian economy. For example, retail sales fell to 9.8% in annual terms, investment - up to 4.8%, industry - to 4.5% of GDP - up to 4% on an annualized basis, the budget deficit reached 4.4% of GDP.

This was told the head of "Sberbank of Russia" Gref in an interview with " Vedomosti".

"I'm optimistic forecast is not, although this sharp fall, as expected, and did not happen. 2015-2016 years will not be the easiest for the economy in general and the banking sector in particular. To argue about the depth of the fall - a meaningless exercise. At 4% or 3% - not so important. What is important is we fall into a long-term negative trend.

And while I do not see the sources of growth that would come out of this trend. Except hope that once the oil price rise and everything will be as before. But even if oil prices rise, the problem will not be solved. And in 2013, when there were very different oil prices, joyful pictures we have not seen, "- said Gref.

According to him, some holding back the fall of the Russian economy the effect of accumulated investments.

"Investors and banks have initiated projects for funding partially, but, unfortunately, very little new investment. There is no support from the demand side: incomes are falling, demand from the government falls, and the sources for the new wave of economic growth has not yet seen" - said the banker.

As reported by the "Observer", the worst times of the Russian economy lie ahead, so all the talk about her recovery is premature. This writes The Washington Times.

finance.obozrevatel.com: In Russian