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Friday, October 28, 2016

The OECD predicted a sharp drop in the Russian economy

The organization for economic cooperation and development (OECD) has lowered its forecast for the Russian economy. In a new report, the organization said that the Russian economy this year will fall 1.7 percent, whereas previously it was assumed that 0.4 percent.

photo: Natalia Muslinkina

At the same time, in 2017 the economy will start to grow, but not at the pace that previously expected 0.5 percent instead of 1.7 percent.

According to experts, recession in the Russian economy has become protracted due to the fall in the energy market and imposed on Russia sanctions.

In the case that will be filmed at least one of these negative factors, the economic situation will start to improve.

The report notes that unemployment in Russia is growing, and economic growth will only be achieved next year due to lower inflation and increase real income of citizens.

Earlier the Minister of economic development of Russia Alexei Ulyukayev said that the Russian economy has emerged from recession last year. According to him, it has adapted to the sanctions regime, and the inflation is back to pre-crisis levels.

In turn, Bloomberg experts noted the scale of economic restructuring in Russia, which led to the restoration of a number of industries, including agriculture and chemical industry.

Sanctions . Chronicle of events

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