The world Bank has improved expectations for decline of Russia’s GDP in 2016 from 1.2 percent to 0.6 percent. This was reported in the Wednesday, November 9, the report of the international organization.
The peak of the crisis, the Russian economy will be held in the second half of 2016, experts say. In 2017 and 2018, GDP will return to growth of 1.5 and 1.7 percent, respectively.
Improving the assessment of the Bank attributed to a more favorable environment for foreign trade, which began to spur domestic demand growth even against the backdrop of weak external demand. Taken by the Russian government over the past two years measures — flexible exchange rate, the reduction of budget expenditures and use of funds from the Reserve Fund, facilitated the process of adjustment of the economy, highlights the world Bank.
In 2016 the average price of oil at 43.3 per barrel in 2017- 55.2 dollar in 2018 59.9 per dollar, according to experts. Next year the global oil consumption will begin to exceed the volume of its production, thanks to this reduced surplus raw materials on the market.
On 8 November the Minister of economic development Alexei Ulyukayev said that the economic decline in Russia has stopped, and in 2017 it is expected GDP growth of one percent.
In mid-October, the Ministry published a forecast that in 2017, expects GDP growth of 0.6 per cent in 2018 from 1.7%, in 2019 — 2.1 percent. As expected, the average annual price of oil in 2016 will be $ 41 per barrel in the years 2017-2019 — $ 40.
Ministry of economic development expects the fall of GDP in 2016 and 0.5-0.6 percent.
