The Russian government expects the
country’s gross domestic product (GDP) to grow by 2 percent in 2017,
pulling the country out of economic recession.
Maxim Oreshkin, Russia’s Minister of
Economic Development, said that the forecast was based on oil prices
rising 0.6 percent from an average of $40 per barrel. He said that
the government’s full GDP report would be available next month.
“In 2016, growth was concentrated
in certain industries, such as agriculture. In 2017, we expect that
growth will continue and start to affect the consumer sector,”
Oreshkin said. He told investors at a forum in the Russian city of
Sochi that the changes would allow the economy to “breathe more
freely, to invest more and to grow more.”
Last year, the International Monetary
Fund forecast that Russia’s GDP would grow by 1.1 percent in 2017 and
1.2 percent in 2018.
The World Bank also predicted growth of
1.5 percent growth over the next 12 months, largely boosted by rising
Russia’s economy contracted by 3.7
percent in 2015, largely thanks
to falling oil prices and the impact of international sanctions
linked to the Ukrainian crisis.