{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='+4:3 Russian economy needs to diversify according to former ECB chief, oil price unlikely to stay low says expert' data-url='/boclips/videos/5c54bd6ed8eafeecae1341d7' data-video-url='/boclips/videos/5c54bd6ed8eafeecae1341d7' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\n+4:3 Russian economy needs to diversify according to former ECB chief, oil price unlikely to stay low says expert\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eThe former chief of the European Central Bank has said that the Russian economy must diversify to become less reliant on oil prices for future growth. Jean Claude Trichet was speaking at the Gaidar Economic Forum in Moscow on...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eThe former chief of the European Central Bank has said that the Russian economy must diversify to become less reliant on oil prices for future growth.\u003cbr/\u003e Jean Claude Trichet was speaking at the Gaidar Economic Forum in Moscow on Wednesday.\u003cbr/\u003eHe said he welcomed signs that the Russian government was pushing ahead with economic diversification, and said structural reforms were needed \"to make the economy much more flexible, much more adaptive.\" \u003cbr/\u003eRussia is bracing for its worst economic downturn in 15 years due to planned budget cuts and a further surge in inflation.\u003cbr/\u003eWith the currency and economy wilting under the twin blows of Western sanctions and a fall in the price of oil exports, Finance Minister Anton Siluanov has proposed slashing some 10 percent to most areas of the state budget.\u003cbr/\u003eThat is a significant turnaround for the government of President Vladimir Putin, who only weeks ago told the nation in a televised address that state spending would not be cut.\u003cbr/\u003eAccording to government's estimates, if oil prices average 50 US dollars a barrel this year, government revenues will be around 45 (b) billion US dollars lower than in an earlier budget plan. \u003cbr/\u003eThe price of international crude oil was hovering around 47 US dollars a barrel on Thursday, near a six-year low.\u003cbr/\u003eMarcos Troyjo, the director of Columbia University's BRICLab - a special forum on Brazil, Russia, India and China - believes that oil prices will not stay at current levels over the longer term. \u003cbr/\u003eSo far though, the OPEC oil cartel has no plans to curb production to shore up prices that have slumped almost 60 percent since June.\u003cbr/\u003eMoscow - 14 January 2015\u003cbr/\u003e1. Various of speakers on stage at Gaidar Economic Forum \u003cbr/\u003e2. Audience listening\u003cbr/\u003e3. Set up shot of former European Central Bank President Jean Claude Trichet speaking to reporters \u003cbr/\u003e4. SOUNDBITE: (English) Jean Claude Trichet, former President of the European Central Bank:\u003cbr/\u003e\"So the diversification of the (Russian) economy should accelerate very, very much and all speeches I heard here, including ministers' speeches and prime ministers' speeches were going in the direction of this diversification of the economy. You have also certainly structural reforms to make the economy much more flexible, much more adaptive to the new, I would say deal.\"\u003cbr/\u003e5. Cutaway of Gaidar forum emblem\u003cbr/\u003e6. SOUNDBITE: (English) Marcos Troyjo, Director of Columbia's University BRICLab:\u003cbr/\u003e\"I do not sincerely think that the (oil) prices will be as low as they are right now for the next coming years. Not only because there's going to be decreased number of production on the part of OPEC countries - it's only natural - I think that some of the moves - especially by Saudi Arabia of bringing down the oil price in order to discourage alternative sources of fuel - will also lose momentum.\"\u003cbr/\u003e7. Troyjo leaving room\u003cbr/\u003e8. Various of exterior of building where Gaidar Forum is taking place \u003cbr/\u003eFILE: Exact location unknown, Russia - 1996\u003cbr/\u003e9. 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