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European Commission forecasts acceleration of economic growth in Russia

May 03, 21:42 UTC+3 BRUSSELS

The growth can reach 1.7% in 2018

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© Sergei Konkov/TASS

BRUSSELS, April 3. /TASS/. Russia’s economic growth can reach 1.7% in 2018 versus 1.5% in 2017, the European Commission (EC) reports on Thursday in the annual spring economic outlook.

"Going forward, the impact of higher oil prices recirculating throughout the economy is likely to further support domestic demand and thereby GDP which is expected to grow by 1.7% in 2018," the document says.

The growth rate may decline to 1.6% of GDP by 2019, reflecting lingering effects of Western sanctions, the European Commission says.

"Improved confidence, contained inflation and accommodative monetary policy are set to support domestic demand in the near term, although structural bottlenecks hamper stronger rebound," the document says.

The IMF also raised earlier the outlook for Russia’s GDP growth in 2018 to 1.7% from 1.6% in its October forecast, leaving the 2019 forecast of 1.5% growth rate intact.

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