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

Russian Economic Forecasts
December 9, 2014 01:46


The World Bank (WB) raised its forecast for economic growth in Russia in 2014 from 0.5 to 0.7 percent. The forecast for 2015 has been reduced to zero, instead of 0.3 percent growth of the September forecast.

This was reported by TASS referring to the quarterly economic survey of the World Bank. The main reason for the sharp increase in the forecasts by WB is called the unexpectedly large growth of volume of Russian exports against a decline in imports due to the sharp devaluation of rouble in the recent months.

“The weakening of the Russian currency may stimulate the processes of import substitution in Russia, which will accelerate the growth of production” – the survey noted. According to World Bank, the main threat to economic growth in 2015 is oil prices forecast which has reduced to $ 85 per barrel, compared to 99.5 dollars in the September forecast of WB. Earlier, on December 2 the Ministry of Economic Development reported that the Russian GDP is expected to fall by 0.8 percent in 2015. Earlier the Ministry of Economic Development forecasted that gross domestic product of Russia would grow by 1.2 percent in the next year. This year the Russian economy will grow by 0.6 percent, according to the agency.

Previously the experts of the international rating agency Standard & Poor's stated that Russia’s GDP will grow by 0.3 per cent in 2014, while the growth in 2015 could reach 0.6 percent. The basis of these forecasts is the average cost of Brent crude oil at $ 90 per barrel, as well as the absence of further sanctions against Russia. The Bank of Russia, in contrast, lowered the estimated growth of Russia’s GDP for this year from the previously expected 0.4 percent to 0.3 percent in the updated version of its monetary policy (MP). The Central Bank believes that economic growth rate in 2015 will be zero (0.9-1.1 per cent in the previous September version of the MP).

Author: Anna Dorozhkina

Tags: World Bank Russian economy Russia International sanctions  

Next Previous

You might also find interesting:

Seven Criminal Cases Against The Far East Zvezda Plant Ear-to-ear Intimacy with a Shadow Formula 1: Swift Rise of Russian Star Exiled Chichvarkin won't Go back to Russia NATO Engaged in War of Words with Russia

Comment on our site

RSS   twitter      submit

Nizhny Novgorod Region  Mercedes-Benz Fashion Week Russia  Russian business  Golden Mask Festival  Alexander Suvorov  Russian Film Distribution  Smartphone  education in Russia  Russian economy  Chukotka  VTB  space tourism  St. Petersburg  Chita  anti-blasphemy law  Ivan Poddubny  Moscow  Far East  Nizhny Novgorod  Travel  Exhibitions in Moscow  Tractor  Yakutia  obituary  Hermitage  SPIEF 2018  Fashion Illustration  Books  Ski resorts  Anatoly Karpov  Primorsky Territory  Russian tourism  The Moscow Region  Russian ships  Nikolai Karamzin  Classical Music  Russian gas  Russian science  Samovars  Russian radio  Russian Cinema  Tyumen  Danny DeVito  Shakespeare  Online Events during Quarantine  Pussy Riot  nuclear power  Tver  NOVATEK  Russian scientists 

Travel Blogs
Top Traveling Sites