The fall of the Russian economy may be due for a rise for 1.5 years. This forecast, as reported by RIA Novosti, gave the head of the European Bank for reconstruction and development (EBRD) Suma Chakrabarti.
Currently, as noted by Chakrabarti, the Russian economy is going through a rough time due to Western sanctions and falling oil prices. “I hope that the recession in the economy of the Russian Federation will end in the next 18 months. Now a very difficult time for Russia,” he said.
EBRD President also recalled in July 2014, the shareholders ‘ decision to stop new projects to invest in Russia because of the worsening relations between Moscow and the West and noted that prior to this, the Bank has actively invested in Russian projects, which were “important”.
On 26 April the Minister of economic development Alexei Ulyukayev said that the pessimistic predictions regarding the future of the Russian economy is incorrect. “These colleagues (the Minister has talked about the economists of the Higher school of Economics — approx. “Of the tape.<url>”) and this year continue to persist in his error and draw the numbers decline this year by 1.5-2 percent. I want to tell them — do not wait!” — said Ulyukayev.
On 6 April the world Bank downgraded the dynamics of Russia’s GDP in 2016. The international organization expects the economy will shrink by 1.9 percent instead of 0.7 percent previously predicted.
On 30 March the Center for development HSE has published a forecast that Russia’s GDP will shrink in the years 2015-2019, a total of 8.1 percent. HSE experts noted that existing trends “prevent the departure of the economy from the current depressing trajectory”.
In 2015, the Russian economy contracted by 3.7 percent.
