(Source: http://www.economywatch.com/features)

Russia’s GDP will grow by 1.1 percent this year and by 1.5 percent in the next year. These are the average results of a poll conducted by the analysts of the Bloomberg Agency, as Rambler News Service reports.

According to the experts’ opinion, the main factor of economic growth in Russia will be the increase in oil prices, which have already risen twice in 2016 after two years of decline. Besides, according to the analysts, Russia’s GDP growth will be also facilitated by the improvement of the investment climate and the reduction of political risks for foreign investors. It is also assumed that the United States may loosen sanctions against Russia.

Such a forecast is in general consistent with the expectations of other institutions. The closest assessment was provided by the UN which predicted the growth of the Russian economy by a percent this year, and by 1.5 percent next year. According to the forecast by the World Bank, Russia’s economy will grow by 1.5 percent this year and by 1.7 percent next year. The Institute of International Finance (IIF) forecasts the growth of Russia’s GDP by 1.4 percent in 2017.

According to the forecast of the Ministry of Economic Development of Russia, GDP will grow by two percent at the year end. Following the first assessment of the Federal State Statistics Service of Russia, Russia’s GDP shrank by 0.2 percent in 2016 and amounted to 85.88 trillion roubles.