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Russia will have negative economic growth in 2016 — Sberbank CEO

June 16, 2016, 16:55 UTC+3 ST. PETERSBURG

According to the head of Sberbank, next year a slight growth may be expected

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© Artiom Geodakyan/TASS

ST. PETERSBURG, June 16. /TASS/. The head of Sberbank German Gref said it is obvious that Russia will have a negative economic growth in 2016.

Talking to reporters at the St. Petersburg International Economic Forum he said: "the first quarter had a negative GDP growth trajectory. This is better than expected, but it is clear that this year will get a negative growth. Next year it is quite possible that we can have a slight growth."

Earlier CEO of one of Russia’s biggest banks, VTB, Andrei Kostin said that the economic growth in Russia will be zero in 2016 and may resume in 2017

According to the bank’s estimates, Russia’s GDP will demonstrate a 1.2% growth in 2017.

In the first quarter of 2016, Russia’s GDP in volume terms decreased by 1.2% year-on-year. According to the baseline scenario of the Central Bank, the economic decline in 2016 will amount to 0.3-0.7% and in 2017 the growth will be 1.1-1.4%.

The World Bank expects this year Russia's GDP to decline by 1.2% and to grow by 1.4% in 2017.

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