'The year 2009 will be the peak of the global financial crisis, a financial crisis that has become economic,' Finance Minister Alexei Kudrin told reporters on the sidelines of a congress of the country's ruling United Russia party.
'There will be a fall in demand for Russian products, notably metals, chemical production, wheat. This must be overcome. In 2010, everything will recover,' he said.
'In 2009 we'll need to spend resources. It will be the most crisis-affected year in 10 years,' he added, speaking after a major address on the economy by Russia's powerful Prime Minister Vladimir Putin.
Fiscal measures promised by Putin would cost the state 550 billion rubles (S$30.72 billion) but help boost the economy, said Mr Kudrin, seen as one of the most prominent economic liberals in Russia. -- AFP