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Russias GDP Forecasts
September 5, 2015 18:11


A forecast of the dynamics of Russia’s GDP for 2016 ranges from zero to one and a half percent. This was stated by the president of “Rosnano” Anatoly Chubais, according to TASS. He added that it was not the level we should want, but in the current environment a plus was already a good thing. Chubais also noted that the problem was not in the size of Russia’s growth as such, but in dragging behind with the performance of the world economy.

“If we stay behind these figures, we will increase the gap, not only from the leaders, but also from the average level in the world”, - he said. In the opinion of the President of “Rosnano”, the solution to the problem of low GDP growth rates may be strengthening the fundamentals of market economy. In particular, they are talking about the protection of private property and the development of competition.

On August 28 Moody’s international rating agency downgraded the forecast for the Russian economy for 2016. The agency experts believe that Russia’s GDP will decline by 0.5-1.5 percent in the next year. Previously they forecasted a zero growth. On August 26 the details of the updated forecast of the Ministry of Economic Development became known. The agency expects that with the pessimistic scenario (with the price of oil at $ 40 per barrel in the coming three years) the recession in Russia will persist until 2018.

At the same time the dollar rate will establish at a level above 75 roubles, while the real incomes of the population will fall until 2017. According to the experts of HSE, the economy is unlikely to return to growth in 2015 and is likely to continue to fall in 2016.


Author: Anna Dorozhkina

Tags: Russian economy     

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