Add to favorite
 
123
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS


IMF Finds Russian Economy Recessive
May 1, 2014 22:30


(Source: http://english.cntv.cn/special)

International Monetary Fund (IMF) believes the Russian economy is recessive, as it shows a decrease the second quarter in a row.

The fund changed the forecast for Russian economic growth in the current year and in 2015 down to 0.2% and 1% respectively. The same IMF forecast in April, 2014 was 1.3% for 2014 and 2.3% for 2015. This was told by Councilor of the European Department of IMF Antonio Spilimbergo at the press conference.

In addition, the IMF predicts that the Russian federal budget surplus for the current year will be at the level of 0.34% of GDP. IMF also welcomes the decision of the Russian Central Bank to raise key interest rate up to 7.5%, but doubts the sufficiency of this measure. Spilimbergo said about the need of tightening monetary policy as a further measure to reduce inflation. The Fund expects in Russia more than 6% inflation in 2014.

Capital outflow in the current year is forecasted at $100 billion. Spilimbergo believes that this year investments will also continue dropping.

According to the IMF representative, the geopolitical environment in Russia affects the size of banks' profits. "The system is experiencing pressure associated with uncertainty due to geopolitical environment as well. In addition, growth deceleration  happens there and this will affect both, profitability and quality of the banks," Spilimbergo said.




Author: Anna Dorozhkina

Tags: International Monetary Fund Russian Economy    

Next Previous

You might also find interesting:

Football: Summer Transfer Highlights Formula 1 Bahrain Grand Prix Olympic games 2014 Russian officials triumph Future of Car Insurance in Russia Who'll Be Russia's New Coach?









Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
Faith No More  review  Ryazan Region  Aeroflot  Russian Cinema  Russian tourism  Balls in Moscow  Russian State Library  Chekhov  Russian Actresses  Tamerlan Tsarnaev  Soul of Russia  Russian business  Arctic  Festivals in Moscow  Moscow Tourist Attractions  Vandalism  Pussy Riot  Jewelry  train tickets Russia FIFA  Russian sportsmen  Folk Arts  Yaroslavl   Gourmet Tours  Ivan Pyryev  Magazines  Zoo History Museum  Cancer  archaeological expedition  South Stream  Street Art  St. Petersburg  Fist Fights  Fairs in Moscow  Mercedes-Benz Fashion Week Russia  tourist  ranking  Russian winter  Alisher Usmanov  Russia-EU  Zenit St. Petersburg  Russian Literature  Exhibitions in Moscow  Russian lifehacks  Rosneft  Russian history  animation  Ruble  Russian Poets  Moscow 


Travel Blogs
Top Traveling Sites