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Strictly speaking, no binding resolutions...
will probably grow by 5% to 6% in 2010. The need for foreign loans has given rise to a discussion among Russian economists that, given current oil prices, Russia could do without such investment. According to Finance Ministry estimates, basing policy solely on oil prices would be irresponsible, and a real alternative could be domestic lending. Even last year during the crisis, personal savings in Russia grew by around 50% and now stand at more than seven trillion rubles, i.e. more than the value of the Reserve Fund at its peak. But in order to turn these funds into investments, a whole system of measures is needed to encourage the citizens to entrust their money to the government for longer than one or two years. In order to do this, at the very least Russia needs to lower inflation and establish a stable financial system. Some of the recommendations from Davos could be used to achieve the latter goal.MOSCOW. (Vladimir Mytarev, specially for RIA Novosti)