TheBank of Russiahas projected a 1.5% to 2% growth of the country’s economy in 2020 in its latest forecast, despite a rapidly spreading coronavirus outbreak across the globe and a drop in production in January, Kommersantreports. In itsreport, the central bank added that a heightened up domestic demand alongside an unprecedented growth in budget expenses would likely to ramp up Russia’s economic activity. The regulator also cautions a peevish growth momentum over the coming months as a number of newer cases of a novel Coronavirus infection had been rising rapidly. “A significant risk for the forecast remains the weakening of external demand. Read more...
TheWorld Banksaid in its latest forecast Wednesday that the Russian economy is expected to grow by 1.6% in 2020 and by 1.8% in 2021, slightly less than the multilateral development bank previously expected,The Moscow Timesreports. The report puts the growth of Russia’s GDP this year at 0.1 percentage points lower from its previous outlook but kept its 2021 forecast intact. Russia’s growth is expected to receive support from stable oil production and the government’s $400 billion national investment program fueled by last year’s value-added tax (VAT) hike, the World Bank said. “Nevertheless, private investment remains tepid in the. Read more...
Russian Presidential Adviser Andrei Belousov has proposed a model for boosting the country’s economic growth, including plans for cheaper borrowing and improving the country’s business climate,Izvestiareports. According to Belousov, the plans include making loans cheaper by reducing the Central Bank’s key rate to about five percent, along with efforts to improve the investment environment and shield businesses from law enforcement pressure and measures to increase businesses’ access to technologies. The implementation of these initiatives could indeed allow Russia to increase its GDP growth rate, experts interviewed by Izvestia commented. Out. Read more...
Economic growth in Russia picked up to 0.9% in the second quarter of 2019 in year-on-year terms from 0.5% in the first three months of the year, preliminary data by the Federal Statistics Service (Rosstat) revealed on Monday,accordingto Reuters. The Russian central bank said in late July itexpectedthe gross domestic product (GDP) to grow at 0.5-1.0% in the second quarter, before accelerating to 0.8%-1.3% in the third quarter. “The growth rate of the Russian economy since the beginning of the year is below the expectations of the Bank of Russia. This is due to the weak dynamics of investment activity, as well as a significant decrease in annual export. Read more...
Russian gross domestic product (GDP) growth slowed to 0.2% in May from a revised rate of 1.7% in the previous month, the Russian Economy Ministry said on Friday, according toGazeta.ru. TheBank of Russiasaid this month it hadloweredits 2019 GDP forecast to 1.0-1.5% from 1.2-1.7%. Russia’s economy has been stagnating lately after it overcome a nearly three-year-long recession. The boost that growth is supposed to get from the $390billion investments planned for president Vladimir Putin’s12 national projectsis still at least two years away and the administration is still arguing over how much to allot to which project. The positive effects of this spending. Read more...
Russia’s economic development minister Maksim Oreshkin has said his ministry maintains its GDP growth outlook for 2019 at 1.3%,RBCreports. “So far yes,” he said when asked whether the ministry considers the GDP growth outlook for this year of 1.3% still relevant. “The data for the first quarter is preliminary and may change in both directions. We projected a weak dynamics (for Q1),” he said. Oreshkin’s statement comes after official data showed that GDP growthslowedfrom 2.7% year on year in 4Q18 to just 0.5% y/y in 1Q19. The result led some expertsto warn of a new economic crisisdeveloping in the country. Oreshkin added that he. Read more...
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