Russian Economy rising despite US-EU worst sanctions

Russian Economy rising despite US-EU worst sanctions

WEB DESK: Russian Economic Development Minister Maksim Oreshkin has said that Russia’s Gross Domestic Product (GDP) will probably expand 2 percent in 2017 which is comparatively in stronger performance than last month s 0.6-percent prediction.

"The recent data about freight turnover, electricity consumption and other things which we see at the beginning of the year are quite positive. All this indicates that the economy has returned to growth and we will see a good performance this year," expressed Oreshkin at the Russian Investment Forum in Sochi.

As far as the current forecast from the Economic Development Ministry is concerned, they imply 0.6 percent growth this year if the oil price is $40 per barrel.

"We have some recovery growth, and the period of crisis is ending. Uncertainty in the economy has also fallen considerably," the minister expressed.

IMF predicts that with the global growth of 3.8 percent by 2021, the Russian economy will grow at a significantly slower of 1.5 percent. 

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