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Russia’s economy to grow 5.5-6% in 2017— central bank

March 13, 2015, 19:34 UTC+3 MOSCOW
In its previous forecast, the Russian Central Bank expected the domestic economy to expand by 0.8% in 2017
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©  Sergei Savostyanov/TASS

MOSCOW, March 13. /TASS/. Russia’s Central Bank expects the country’s GDP recovery growth at 5.5-6.3% in 2017, the regulator said in its monetary policy report on Friday.

In its previous forecast, the Russian Central Bank expected the domestic economy to expand by 0.8% in 2017.

"The period of negative growth rates is expected to be longer than in the crisis of 2008-2009 while recovery will be quicker and will be primarily driven by internal factors," the report said.

In the Central Bank’s estimates, the economy’s recovering growth will be facilitated by increases in world oil prices in the future to the level reflecting the fundamental ratio of demand and supply on global commodity markets, the development of Russia’s import-substitution programs, the growth of exports, including the export of products other than commodities and raw materials, the access of Russian companies to Asian capital markets and the gradual easing of borrowing terms on the domestic market.

The Russian Central Bank outlined on Friday a macro-economic forecast for three years, under which the world prices of Russia’s Urals crude oil blend are expected at $50-55 per barrel in 2015, with inflation at 12-14%, the country’s GDP contraction by 3.5-4% and capital flight at $111 billion.

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