Gref: economy to deteriorate without reforms

Gref: economy to deteriorate without reforms

Sberbank CEO German Gref said that the Russian economy will be in a recession in 2016.

"The economy will be in a recession in 2016. If there is no new turn in terms of the reforms, the economy will deteriorate," Gref believes.

According to him, the crisis requires systemic changes in all industries. Every day reforms are postponed prolongs the crisis, he said.

He also expected that about 10% of banks will lose their licenses next year. "Capital adequacy is at a low level – 13%. The banking system shall remain in the zone of focused attention," TASS cited Gref as saying.

The Sberbank CEO also said that "the Central Bank key rate will continue to decline, it could be lower than 10%, and the rates could reach the pre-crisis level."

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