by Xinhua Writer Liu Hongxia


MOSCOW John Cominsky Falcons Jersey , Dec. 19 (Xinhua) -- It has been more than a decade since Russians woke up to find again their ruble savings sharply depreciate against the U.S. dollar and the euro. Even worse, they would probably have to endure a few years of recession coupled with high inflation risks.


Meanwhile, both the Russian leadership and experts agree that the economy will ride out recession, as the country has started accelerating economic restructuring and diversification.


INEVITABLE RECESSION, DEFINITE REBOUND


In his 10th year-end major press conference on Thursday, Russian President Vladimir Putin attributed the current economic difficulties primarily to such external factors as falling oil prices and broadening Western sanctions on Moscow.


The oil prices have contracted some 40 percent over the past five months, while the Organization for Petroleum Exporting Countries has so far hinted no decline in oil output.


As a major traditional oil powerhouse Kendall Sheffield Falcons Jersey , Russia has been counting nearly half of its revenue on energy exports.


Latest reports released by Russia's Central Bank showed that the country's gross domestic product (GDP) growth will slide into negative territory "with high probability" in the first quarter of 2015.


Positive growth could be expected only by the end of 2015, while the GDP in 2016 could shrink by 0.6-0.8 percent before it bounces by up to 1.2 percent in 2017, said the reports, which were based on the oil price of 80 dollars per barrel.


If the oil prices fall under 60 dollars per barrel, the GDP will contract by 4.5-4.7 percent in 2015, according to the central bank.


Capital outflow, which was caused mainly by the increasing Western sanctions that dealt a blow to investors' confidence Kaleb McGary Falcons Jersey , will reach 120 billion dollars in 2015, 75 billion in 2016 and 55 billion in 2017, the bank said.


It also noted that the inflation rate was estimated to reach 10 percent this year, and will continue speeding up until the second half of 2015.


On the currency market, the ruble plunged to new lows on Dec. 16, briefly hitting 100 to euro and 80 to the U.S. dollar in Moscow trading. It has lost nearly half of its value since March.


Putin, at the start of his three-hour press conference Chris Lindstrom Falcons Jersey , insisted that the economic situation was still on the normal track, and that it would take at most two years to rebound under the most unfavorable scenario.


He said the Central Bank and the government have so far taken "adequate" measures to stem the ruble crisis, while urging the bank to act "a half step quicker."


The financial regulator announced Tuesday a plan to raise its key interest rate by 6.5 percentage points to 17 percent, in a bid to squeeze and lower ruble liquidity and give accesses to foreign exchange liquidity.


Yuri Moseikin, deputy dean of Moscow's Institute of Global Economy and Business, said Putin has ground for optimism as "there is simply no fundamental reason for the ruble's nose-diving."


Noting the current economic situation is "far from being catastrophic," the expert said it will still be difficult Tevin Coleman Youth Jersey , because the 17 percent interest rate suffocates Russian producers, who are neither able to receive credits from the West, nor able to afford the domestic credits.


"This is an uneasy choice: either to lower inflation or to deprive producers of economic stimulus," he told Xinhua.


RESTRUCTURING, REVIVAL


It's nothing new to hear senior Russian officials talking about economic restructuring, yet whether to put it into practice is another story.


Prime Minister Dmitry Medvedev said in a joint televised interview on Dec. 10 that should the economic conditions change dramatically, the government will have to revise the scenario for the country's social and economic development and eventually make new budget decisions.


He admitted that it's not easy to change the fact that the country relies considerably on energy exports Duke Riley Youth Jersey , which started more than half a century ago.


Putin, meanwhile, said economic restructuring is inevitable if oil prices remain at current level or further fall.


"We presume that we have failed to do a lot of what we planned to do, namely to diversify our economy," he told reporters at the annual press conference.


The president has ordered the government to take measures for economic restructuring as well as import substitution.


Local experts said the restructuring does not mean to fully drop the energy-oriented development, but to attach more importance to exports of non-energy sectors as well as stimulate domestic manufacturing.


In addition, restructuring means a more balanced approach towards the West and the East.


Sergei Naryshkin Austin Hooper Youth Jersey , speaker of the Russian State Duma, or lower house of the parliament, has said the country's had paid excessive attention to economic ties with the West, especially with Europe, Russia's biggest trade partner.


Under current circumstances, Russia's steering towards the East, especially the Asia-Pacific region Deion Jones Youth Jersey , is inevitable and profitable, as it has reliable partners of BRICS nations such as China.


This year, Russia has cemented its ties with such countries as China, India, South Korea and the Democratic People's Republic of Korea, signing a range of major agreements.


Putin said his country will further cooperate with the Asia-Pacific region as it develops faster than any other part of the world.


Meanwhile, amid falling of oil prices and ailing of the economy Keanu Neal Youth Jersey , Russians must get accustomed to the understanding that abundant years are over, said Andrei Suzdaltsev, deputy dean of Moscow's Higher School of Economics.


"They must learn to live in less affluent circumstances ... But after that, Russia will revive as a different country, which is more economically stable," he told Xinhua.


(Xinhua correspondent Igor Serebryany also contributed to th

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