There may be a light at the end of the tunnel for the beleaguered Russian economy; the World Bank’s latest forecastpredictsthe fall of GDP in 2016 to be 1.2 percent instead of the previously projected 1.9 percent. According to the bank, Russia's GDP will grow by 1.4 percent in 2017 and by 1.8 percent in 2018. The Russian economy is adjusting to the new environment better than expected, says Sergei Khestanov, an associate professor of the Department of Finance and Banking at the Russian Presidential Academy of National Economy and Public Administration. According to him, the free float of the ruble, which led to the devaluation of the national currency, has become. Read more...
Analysts have reacted to the latest collapse of oil prices with varying forecasts. Some believe oil prices are on their way down to the critical level of $35, which would keep the Russian economy in recession. Others, however, including Western analysts, are of the opinion that 2016 may see the first shoots of recovery. The collapse of oil prices in December has divided officials and analysts into pessimists and optimists, with Russian Finance Minister Anton Siluanov predicting on Dec. 12 that the price of oil in 2016 will fall below $30 per barrel in some periods, according to the TASS news agency. According to Siluanov, demand and the price of oil will continue. Read more...
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