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IMF cuts economic growth forecast for Russia from 3 % to 2 % of GDP

January 20, 2014, 13:40 UTC+3 WASHINGTON
Under normal circumstances there are no scenarios in which the Russian economy could start to contract - IMF representative
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© ITAR-TASS

WASHINGTON, January 20. /ITAR-TASS/. The International Monetary Fund (IMF) has reviewed its forecast of Russian economic growth in 2014 downwards from 3 % to 2 % of GDP, while 2.5 percent is expected in 2015. These are estimates of the IMF’s new revised forecast, sources familiar with the issue told Itar-Tass. The official document will be released on Tuesday.

Estimated economic growth in 2013 remained unchanged against the autumn report, at 1.5 % of GDP. The revision gives no inflation estimates as they are traditionally included in major analytical reviews released twice a year, in spring and autumn.

Last October, when asked about reasons for economic deceleration in Russia, deputy chief of the IMF’s Research Department, Jцrg Decressin, said the IMF saw two main issues - cyclic and structural, the latter being due to slower growth and business climate that did not favor investments. No comments followed on the cyclic factors.

Decressin added that under normal circumstances he saw no scenarios in which the Russian economy could start to contract.

Meanwhile, Russian Deputy Minister of Economic Development Andrey Klepach has recently announced that Russian GDP could have added 1.3 % in 2013.

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