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Russian economy to grow no earlier than in 2015 — IMF

November 13, 2014, 12:53 UTC+3 WASHINGTON
The Russian economy will be specifically affected by geopolitical tensions and low world oil prices, the International Monetary Fund said in a report
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© EPA/JIM LO SCALZO

WASHINGTON, November 13. /TASS/. The Russian economy will show a rebound not earlier than in 2015, with economic growth expected at 0.5% next year, the International Monetary Fund (IMF) said in analytical notes prepared for the G20 summit in Australia on November 15-16.

The Russian economy will be specifically affected by geopolitical tensions and low world oil prices, IMF experts said. World oil prices have fallen by 20% since early September amid slower global economic activity and increased crude oil output in the non-OPEC countries, the IMF analytical notes said. The IMF expects global economy to grow by 3.3% this year.

Russia’s Central Bank earlier lowered its forecast on the country’s GDP growth in 2014 to 0.3%.

The regulator explained its forecast downgrade by “the cumulative impact of external and structural factors,” which caused a slowdown in the growth rates of the Russian economy.

“Instead of the GDP growth acceleration expected earlier (from 1.3% in 2013 to 2% in 2014), the Bank of Russia now projects its slowdown to 0.3% in 2014,” according to the specified monetary policy guidelines.

The regulator’s previous monetary policy guidelines projected the country’s GDP growth at 0.4% in 2014.

Russia’s annual inflation has reached 8.6%, Central Bank First Deputy Chief Ksenia Yudayeva said on Wednesday. “As of today, annual inflation has reached 8.6%,” Yudayeva said in the State Duma (the lower house of Russia’s parliament).

In its specified monetary policy guidelines for 2015 and for 2016-2017, the Central Bank of Russia raised the inflation forecast to 8.2-8.4% from 7.5% this year.

Russian Economic Development Minister Alexey Ulyukayev said inflation may reach no less than 8.5% in 2014 compared with the ministry’s official forecast of 7.5%.

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