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Investment bank Renaissance Capital cuts forecast for Russia’s GDP growth in 2014 to 0.8%

September 04, 2014, 12:12 UTC+3 MOSCOW
Sanctions will not undermine Russia’s economic growth, but their influence will be felt and they will considerably restrict potential for economic growth, a senior economist of the bank says
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Infographics Economical sanctions against Russia Economical sanctions against Russia
The USA, EU, Canada and Australia have introduced sanctions against Russia over its involvement in the Ukrainian crisis. Infographics by ITAR-TASS
MOSCOW, September 04. /ITAR-TASS/. Investment bank Renaissance Capital has cut forecast for Russia’s gross domestic product (GDP) growth for 2014 to 0.8% from 1.6% and for 2015 to 1.7% from 3.0% due to geopolitical factors, Oleg Kuzmin, a senior economist at the bank’s branch for Russia and CIS, said Thursday.

“The sanctions that have been adopted and those (new) sanctions that may be imposed will not undermine (Russia’s) economic growth, but their influence will be felt and they will considerably restrict potential for economic growth,” Kuzmin said.

The bank does not expect Russia’s economy to face a recession, as record-low unemployment in the country will not grow and will support consumer demand, he said, adding that a weak ruble may somewhat support the economy as well, as the country has some options to replace imports, Kuzmin said.

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