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Friday, July 28, 2017

Bloomberg: Russia quietly pursuing the most ambitious restructuring of the economy


The Russian economy is the largest in 15 years of economic reform. The Kremlin, unlike Saudi Arabia, has introduced changes without fanfare.


photo: Mikhail Kovalev

The collapse of the oil market led to the restoration of a number of Russian industries. In particular, show growth in agriculture, food and chemical industry, actively developing domestic tourism, reports Bloomberg. However, while they are unable to cover the loss from the fall in other sectors.

According to the Agency, the longest in two decades, the recession in Russia could be completed in the third quarter of this year. Inflation in annual terms has slowed to 7.3 per cent, down from the 13-year average of 16.9 percent, which was achieved in March 2015. The contribution of agriculture to GDP rose to 4.4 percent.Support many industries and has had a floating exchange rate of the national currency.

 

Maximum difficulties Russia has experienced in connection with the fall of the energy market and international sanctions. Also one of the most problematic segments of the Russian economy remains investment climate, although some positive changes in this direction already. In particular, the world Bank Doing Business ranking, Russia has improved its performance and took the 51st place.

Recently the Minister of Finance of Russia Anton Siluanov stated that the sanctions policy of the West has collapsed and the Russian economy was able to adapt to the restrictions. In his opinion, by the end of the year the economy can return to growth.

Sanctions . Chronicle of events

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