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Friday, July 20, 2018

Think tank predicts 0.7 percent 2014 GDP growth in Russia

The Eurasian Development Bank (EDB) reported this week that the Organization for Economic Cooperation and Development (OECD) expects 0.7 percent growth in Russian gross domestic product this year.

It further predicted stagnant growth in 2015 and a 2 percent increase in 2016. This can be attributed to falling oil prices and lower trade volumes, in part due to sanctions placed on the country. This is also expected to slow down emerging economies in the region.
The International Monetary Fund maintains its previous prediction of 0.2 percent growth due to geopolitical tensions and the World Bank lowering its estimate of 0.5 percent to 1.1 percent because of the same tensions.

Russian Deputy Economic Development Minister Alexei Vedev said growth at 0.5 percent was a realistic goal, though he said that in a more optimistic scenario, that may increase.
“The third quarter results are fairly good. GDP grew by 0.7 percent in the third quarter and by 0.8 percent during the first three quarters. Considering the high base effect in the fourth quarter of 2013, we believe the projected 0.5 percent growth is a realistic goal,” Vedev said.

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Eurasian Development Bank International Monetary Fund

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