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Russian bank CEO forecasts Russian economy’s 1% decline in 2016

January 12, 21:00 UTC+3 MOSCOW
Russia’s economy dropped 3.7-3.8% in 2015
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© EPA/YURI KOCHETKOV

MOSCOW, January 12. /TASS/. Russian economy will decline by 1% in 2016, Chief Executive Officer of VTB 24 bank Mikhail Zadornov said on Tuesday in an interview with Rossiya 24 TV Channel.

VTB Group targeted zero growth of the national economy in 2016 before the beginning of this year, Zadornov said. However, the Russian economy is expected "to decline within 1% of the GDP" in conditions of oil prices’ fluctuation at the level of about $30 a barrel, he added.

Russia’s economy dropped 3.7-3.8% in 2015.

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