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Chinese rating agency forecasts Russian GDP decrease by 0.6% in 2016

January 27, 17:56 UTC+3 BEIJING
According to the report, low oil prices and high inflation will hinder the development of the Russian economy in 2016
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© AP Photo/Andy Wong

BEIJING, January 27 /TASS/. Russia's GDP will decrease by 0.6% in 2016, according to the report by the Chinese largest rating agency Dagong released on Wednesday.

According to the report, low oil prices and high inflation will hinder the development of the Russian economy in 2016.

Despite the efforts of the Russian government to increase tax revenues, the recession of the economy limits the ability of the task, the report said.

Agency experts predict that as the level of geopolitical risks and the need to combat terrorism are growing, Russia will significantly increase military spending.

For this reason, Russia’s public debt/GDP ratio will increase in comparison with the end of last year by 4% - to 27.3%. The report notes that in 2017 this figure will continue to rise and reach 29.2%.

Dagong agency was established in 1994. Its ratings are recognized by the Chinese government.

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