Russian economy undoubtedly to survive: upper house chairwoman

Russian economy will undoubtedly survive amid economic and financial difficulties, Chairwoman of the Russian Federation Council Valentina Matviyenko said on Wednesday.

"The economic and financial situation is complicated but surely not lethal," she told RIA Novosti news agency.

Commenting on credit rating agency Standard & Poor's decision on Monday to downgrade Russia's rating to BB+, Matviyenko said that Russian economy remains top ten in the world and has a high survivability that "could not be questioned."

The Russian government on Wednesday published a 38-page anti-crisis austerity plan, which envisaged a 10-percent cut of the 2015 budget and more reduction to be proposed later by at least 5 percent annually in the next three years.

The government assured that only "inefficient" spending will be slashed, while all social obligations, support for farmers and defense spending remained intact.

"In 2015 and 2016, measures will be taken to activate structural economic changes, stabilize systemically important institutions in key sectors, balance the labor market, reduce inflation, ease the shocks of price growth to low-income families, as well as to guarantee a positive growth rate and the macroeconomic stability in the mid-term," the government said in a statement.

Under pressure brought by the slump of global crude oil prices and Western sanctions, various international rating agencies have downgraded Russia's economic ratings due to ruble's weakness and the ailing economy. Endi