Russian Ministry of Economic Development warns about risks for economy

The Russian economy’s risks are the lowest among emerging markets, the head of the Ministry of Economic Development, Maxim Oreshkin said. He also ruled out the risks of ‘bubbles’ at the real estate market for the coming years.

According to the latest statistic data, the Russian stock market saw the inflow of capital in the last seven weeks. ”The assessment of the Russian macroeconomic policy and other occurring changes is extremely positive," the minister said, explaining that the Russian economic market is very advantageous comparing to other emerging markets.

He noted that the Russian economy is the most protected. There is no ‘overheating’ at the real estate market. "This topic was discussed with the US investors ... the latest statistics on the mortgage says that the issuance of mortgages in September grew by 40%, comparing to the level of the previous year," the minister said, paying attention to his predictions of the strong economic autumn and subsequent periods in terms of issuing mortgage loans. According to the head of the Ministry of Economic Development, this will give a significant impetus to the restoration of the construction sector. "This factor will support very seriously the economic growth in the upcoming months,” he said.

The minister drew attention to the fact that the average price of real estate in the Internet advertisements remained almost unchanged for the past 10 years, while the population's incomes rose, and mortgage rates, on the contrary, fell seriously, hence the improvement of the mortgage payment ratio to the average salary in Russia, RIA Novosti reports.