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Moodys Forecasts Russias GDP Decline
September 24, 2015 16:30


The Russia’s GDP will decline by 4 percent in 2015. This was reported by the vice-President of Moody’s Investors Service (the organization representing the international rating agency in Russia) Aleksandr Proklov, according to TASS.

Earlier Moody’s forecasted a 3 percent decline.

At the same time he stressed that the recession in the RF would last longer than in 2008-2009, as the price of oil would fluctuate at low levels. Over the next year a barrel will cost $ 50-60, as Proklov predicts. The experts of Moody’s also believe that the inflation will remain high in 2016.

“Against this backdrop the consumer expenditures continue to shrink” – Aleksandr Proklov stated.

On September 17 the Deputy Finance Minister of Russia Maksim Oreshkin noted that the country’s economy was fully adapted to the adverse external situation and returned to growth. GDP will start to grow in the first quarter of 2016, as the official believes.

A day earlier the Minister of Economic Development Aleksei Ulyukayev said that the Russia’s GDP had fallen by 3.9 percent in January-August. According to him, the economy will also lose 3.9 percent in 2015. The Central Bank forecasts a fall at the level of 3.9-4.4 percent (with oil prices at 52 dollars per barrel).

According to the former Russian Finance Minister Aleksei Kudrin, the share of Russia in the global economy will decrease to 2.6 percent by 2020 - the smallest figure in the history of the country since the collapse of the Soviet Union.


Author: Anna Dorozhkina


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