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Saturday, December 3, 2016

IMF: Russian economy will continue to “shrink”


The rate of decline of GDP in Russia will slow down compared to last year, however, overall, the economy will continue to “shrink”. This statement was made head of the International monetary Fund Christine Lagarde.

“We have no positive forecast for the Russian economy. We still think that the Russian economy will continue to shrink, fewer than in 2015, but nevertheless,” reports MS Lagarde as saying RIA Novosti.

We will remind, on may 19, the IMF improved the Outlook for the Russian economy: it is expected that in 2016 the country’s GDP will shrink by 1.5 per cent (previously estimated decline of 1.8 per cent), in 2017 — by 0.8 percent. Government measures for economic stabilization softened the shocks and helped the banking system: the current recession was less deep than in past crises the Fund.

So, the country’s GDP in the first quarter of 2016 fell by 1.2 percent in that time, as in 2015 the Russian economy contracted by 3.7 percent.

“The economy has adapted to the new conditions… moreover, she received a competitive advantage as a result of introduction of a flexible exchange rate of national currency”, — said Russian President Vladimir Putin, speaking at the St. Petersburg international economic forum.

 

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