EBRD has improved the forecast for the Russian economy

The European Bank for reconstruction and development (EBRD) published a forecast of economic development of several countries, including Russia.

According to the report, improved the forecast on growth of Russia’s GDP. So, in 2016 GDP is expected to fall by 0.6% compared to 1.2% in the previous forecast. In 2017, economic growth will reach 1.2%, previously estimated increase of 1%. Russian economy by the end of the year begins to come out of recession, goes to a small growth.

Chief economist, EBRD Sergei Guriev noted that the negative factors were offset by the rise in oil prices.

Rising oil prices supported the economic recovery in the second half of 2016, which affected the improvement of the forecast GDP in 2016, – said the economist.

The main risk factor for the Russian economy analysts of the EBRD said the new lower prices on raw materials.

In the medium term without decisive reforms, growth will remain at the level of 1-2% per year due to lack of investments and aging production facilities, the report says.

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