Russian economy would fall below 8% in 2009

Russian Prime Minister Vladimir Putin said Thursday that the economy would fall below 8% in 2009.
"According to estimates at mid-year the economy should suffer a contraction of 8.5% at year-end. But there are grounds for stating that the setback would be 0.5% lower under 8%," said Putin on Tuesday to intervene in the investment forum "Up, Russia.
Putin planned the objective of recovering the contraction in the coming years and at the same time, insisted to the forefront in promoting quality."The recovery should be from a new conceptual basis for growth and new agents," he said.
Putin also admitted that the country could end the year with inflation below 11%.
"According to forecasts, the country will end the year with inflation at 11% versus 12% initially forecast," Putin said, adding that the Government establishes the objective of reducing inflationary pressures to 5-7% for 2012.