Russia will emerge from the recession in the third quarter, according to Minister

Russia will begin to emerge fully from the recession in the third quarter of 2009, said Tuesday the Russian Finance Minister Alexei Kudrin was quoted by local agencies.

"June was the first month of the start of the crisis in Russian output. But the total home from the recession will be observed in the third quarter," said Kudrin was quoted by Ria Novosti.

Kudrin said that the monthly rate of GDP increased by 0.4% in June and 0.5% in July, adding that the measures taken by the government against the crisis are being realized.

However, the Minister considered that there must be "vigilant," highlighting the many risks that lurk, including many "credit risk" in the U.S., Europe and Russia itself.

The Gross Domestic Product (GDP) shrank Russia by 10.9% in the second quarter of 2009. On the whole this year, the government forecasts a decline in GDP of 8.5%.

Russian President Dmitry Medvedev and his prime minister, Vladimir Putin, said in recent days that is showing the beginnings of economic recovery.

Russian Central Bank cut its main interest rate to 10.50%

The Russian central bank announced Monday the cut by a quarter percentage point from its main refinancing rate that will remain at 10.50%, using the stabilization of inflation and with the aim of supporting an economy in recession.

"This move is made possible by macroeconomic trends, which have allowed the Bank of Russia to maintain the pace of interest rate cut," the institution said in a statement.

The cut will take effect on Tuesday, said the central bank.

This is the sixth rate reduction making the central bank since April, in an attempt to facilitate the flow of credit in the Russian economy.

Inflation fell sharply in Russia in recent months, and in August held steady at 8.1%.

Economic Forum determined developing the eastern regions of Russia

The 4th edition of the International Economic Forum Far East will set the process of economic development of the East side of the country in the context of the financial crisis and strengthening relations with countries in the Asia-Pacific, said Vice Minister of Regional Development Sergey Yurpalov.

"This forum will be an important tool in efforts to enhance the economic development of Russian Far East and Eastern Siberia," said Yurpalov in an interview to RIA Novosti.

The Rusian Economy

According to Zhai, the event, which will take place on 8 and Sept. 9 in the Siberian city of Khabarovsk, provide an opportunity to develop measures to raise the standard of living of the population in the eastern regions and promote development of the energy and transport.

Yurpalov also stressed the importance of the forum in light of the need to expand Russia's economy and relations, particularly the Far East with the countries of the Asia-Pacific region.

Moreover, according to the website of the forum will be discussed in Khabarovsk socioeconomic development strategy in the Far East, Buryatia, Transbaikalia and Irkutsk province until 2025 and the prospects for gas business development in the regions mentioned.

Among the organizers of the 4th edition of the forum include the State Duma, United Russia Party and the government of Khabarovsk Territory.