Russia has overcome the consequences of the shock from falling oil prices
The growth rate of the Russian economy in 2017 will be 1,8%, which is mainly due to internal factors. Chairman of the Central Bank of the Russian Federation Elvira Nabiullina stated this today, speaking in the State Duma.
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“The economy is growing at rates close to potential - these are the growth rates that are determined primarily by the structure of our economy, and not by external factors. Our economy has practically overcome the consequences of the shock associated with the fall in oil prices in 2014-2015,” Nabiulina said.
According to preliminary estimates by the Central Bank, the rate of GDP growth in the fourth quarter will be almost the same as in the third, a PolitNavigator correspondent reports.
“According to our forecast, the economy will grow by 1,5-2 percent over the next three years in a base case with oil prices of $42 per barrel and in a scenario with oil prices rising to $60 per barrel. This, of course, is not at all what we would like for our economy. Our economy can grow by 3-4% per year if structural measures are taken to increase labor productivity, labor mobility, and improve the investment climate,” Nabiulina said.
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