60509
Russia GDP to Grow 2%
Russia GDP to Grow 2%

Russia GDP to Grow 2%

Russia GDP to Grow 2%

Russia’s gross domestic product is due to return to sustainable growth in 2017, according to Economic Development Minister Maksim Oreshkin.
“The recent data about freight turnover, electricity consumption and other things which we see at the beginning of the year are quite positive. All this indicates that the economy has returned to growth and we will see a good performance this year,” said Oreshkin on the sidelines of the Russian Investment Forum in Sochi, RT reported.
“Our updated forecast will be ready in late March. We currently expect about 2% growth by the end of 2017. That is, we expect very good dynamics in the economy. We see that investment activity has increased,” he added.
The current forecast from the Economic Development Ministry implies 0.6% growth this year if the oil price is $40 per barrel. Oil has been above $40 since February, allowing the ministry to issue a more optimistic forecast for the Russian economy. On Monday, Brent crude was trading above $56 per barrel.
“We have some recovery growth, and the period of crisis is ending. Uncertainty in the economy has also fallen considerably,” Oreshkin said.
In January, Deputy Prime Minister Igor Shuvalov said the Kremlin is preparing measures to make the Russian economy grow more than 2% a year. “We believe 2% growth is quite slow for Russia,” he said.
The International Monetary Fund predicts global growth of 3.8% by 2021, with the Russian economy to grow significantly slower at 1.5%, said the IMF Deputy Managing Director David Lipton.
According to Lipton, Russia should implement some policy changes, reforms and structural changes that will increase the capacity of the economy to catch up with global growth rates.

 

Short URL : https://goo.gl/G8FcmK
  1. https://goo.gl/LFFOqf
  • https://goo.gl/FTCyYO
  • https://goo.gl/PZ6ajT
  • https://goo.gl/OqJeyk
  • https://goo.gl/4pQuCx

You can also read ...

Innovation, Technology Should Boost Hong Kong Economy
Innovation and technology will become profitable in Hong Kong...
Annual expansion in the second quarter fell to 4.5%.
Malaysia cut its full-year growth forecast and reported much...
Government data shows the number of jobs created in July fell to the lowest levels in over eight years.
South Korea’s ranking officials revealed a disparity in their...
Canada Inflation Surges
Canada’s inflation rate surged to 3% in July, fueled by rising...
As technological progress makes people richer in terms of many basic goods and services, it may be inevitable  that more human activity is devoted to zero-sum competition for available income and assets.
Across the global economy, the potential for automation seems...
Trade War Won’t Dent China GDP
Analysts are trying urgently to evaluate the potential impact...
Italy to Launch New Infrastructure Plan
The government will launch a plan aimed at making Italy’s...
Amazon to Challenge TiVo With Live TV Recorder
Amazon.com Inc. is developing a new device that records live...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus