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Thursday, July 27, 2017

Bloomberg saw signs of recovery from the longest recession

After a series of setbacks, the Russian economy finally was on the verge of leaving the longest over the last 20 years of the recession, which reached its peak last year. This is indicated by the increase in volumes of rail and container traffic and the growth in electricity demand.

photo: Natalia Muslinkina

In July of this year, demand grew by 1.8 percent, whereas in June by 1.6 percent and in may by 0.4 percent.

Surveyed by Bloomberg analysts pointed out that the decline in GDP in the second quarter of this year will be the smallest since the beginning of 2015, as compared to the same period last year reduced by 0.8 percent. In the first quarter, a decline at an annual rate of 1.2 percent.

Unlike the crises of 1998 and 2009, when the Russian economy was unfolding, and falling, this time the reconstruction was delayed. Investments fall the longest since 1995, amid the collapse in oil prices, but in the short term, this trend can be overcome in connection with the recovery of capital-intensive business.

The Agency notes that against this background there is a growing demand for Russian assets. As evidence it is noted that the ruble strengthened against the dollar in the second quarter to 4.8%, having demonstrated the best dynamics among the currencies of developing countries after the Brazilian real.

Earlier, the Central Bank of Russia also reported on the end of the recession and the early slow growth of the economy. However, these statements are at variance with the data on budget deficit in the first half, exceeded half a trillion rubles.

Details in the article “MK”: the Central Bank announced the end of the recession, forgetting about the catastrophic budget hole

Financial crisis. Chronicle of events

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