IMF predicts expansion of eurozone crisis

The European crisis will cause lower growth of the production rate worldwide, the International Monetary Fund (IMF) has stated. The GDP of the eurozone will drop by 5%, the British economy will have similar losses, US GDP will drop by 2%, Japanese by 1%, Interfax reports.

Russian GDP growth rate will be 4% in 2012 and 2013, IMF spokesman in Russia Odd Per Brekk said. This exceeds the target value of the Russian Bank of 5 to 6%.

The IMF recommended Russia to set the pension age of both men and women to 63 before 2030 and 65 before 2050. The current pension age is 55 years for women and 60 years for men in Russia.

Pension expenses amount to about 8% of Russian GDP. But demographic tendencies will make the figure hit 18% before 2050.

The rate of obligatory insurance fees of pensions increased from 26% to 34%, only to reconsider the idea later.

Russian Finance Minister Anton Siluanov confirmed that pensions will remain at 8% of GDP until 2050. He believes that the Pension Fund deficit may fall by 86 billion rubles in 2013. Vice Premier for social affairs Olga Golodets approved the ministry’s initiatives.