The Russian government is based on the forecast that in 2017 oil will cost $48 per barrel, in 2018 – $52, in 2019 – $55. This was announced today at a meeting of the Federation Council of the Russian Federation by the country's Minister of Economy Alexey Ulyukaev.
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“This is less than analysts expect. We proceed from healthy conservatism and hope for a slow recovery in world market conditions,” Ulyukaev said.
The minister noted that retail trade turnover in the country decreased by 5,4%. Enterprises are in no hurry to turn profits (17%) into investments, but accumulate in banks. Over the year, investments will decrease by 4%.
“Real incomes of the population are already recovering. This trend will continue and strengthen until 2019. This will encourage businesses to rebuild inventories. Now they are at historically low levels,” Ulyukaev said.
Against this backdrop, the government expects an increase in investment of up to 3%.