Russia downgraded the Outlook for its economy
Russia downgraded the Outlook for its economy
In 2017, the growth of Russia’s GDP will be close to zero.
The Russian government has updated its forecasts for the economy for the next three years and worsened performance.
The previous forecast predicted a growth of the Russian economy in 2017 by 0.6%. The updated forecast is close to zero – only plus 0.2%. About this “Vedomosti” citing data from the Ministry of economic development.
The forecast of Russia’s GDP
Year
The previous forecast
A new forecast
2017
+0,6%
+0,2%
2018
+1,7%
The +0.9%
2019
+2,1%
+1,2%
At the same time downgraded its forecast for the ruble in the foreign exchange market.
The forecast of the dollar in Russia
Year
The previous forecast
A new forecast
2017
65.5 ruble
To 67.5 ruble
2018
65 rubles
68.7 ruble
2019
64.4 ruble
71.1 ruble
The Outlook change is due to fiscal consolidation and said the “Interfax” the representative of the Ministry of economic development. In the draft Main directions of budget policy, Federal spending is reduced from 18.6% of GDP in 2017 to 16.1% in 2019. An updated forecast will be considered at the RF government meeting on October 13.
Previously experts have estimated billions of dollars in huge losses of Russia due to Western sanctions.