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Russia’s economy has passed lowest point of recession

September 08, 2016, 12:16 UTC+3

According to the Russian Economic Development ministry's forecasts, the business cycle may be on its way to recovery

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© Sergei Konkov/TASS

SOCHI, September 8. /TASS/. Russia's economy has passed the lowest point of the recession, Director of the Department for Macroeconomic Forecasting at the Economic Development Ministry Kirill Tremasov said at an international banking forum.

"Today it has been already mentioned that the Russian economy is at the lowest point and may have passed it. We reaffirm this conclusion. Indeed, the business cycle has likely passed the lowest point and is beginning to move upwards," he said. 

The official added that the decline of Russia’s GDP will be about 0.5-0.7% in 2016. 

"For this year, we see a decline in Russia’s GDP is somewhere in the range of 0.5-0.7%, and the average annual economic growth rate is 1.5% in the next 3 years the economy," he said. He added that the ministry will submit the final version on the macroeconomic forecast for 2017-2019 to the government in mid-September.

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