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Russia’s economy has reached new stage of growth, minister says

April 05, 14:16 UTC+3 MOSCOW

The growth will depend on the government's actions in the next three years, according to Russia's Economic Development Minister Maksim Oreshkin

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MOSCOW, April 5. /TASS/. Russia’s economic growth will depend on the actions of the government in the nearest future, Economic Development Minister Maksim Oreshkin said Wednesday.

"As for 2018, 2019 and 2020, the (economic) growth will only depend on our actions, on how fast we proceed with reforms, and it will be high if changes happen," he said, adding that the Russian economy "has already reached a new stage of economic cycle and is on the rise."

Oreshkin said earlier that as the economy had adjusted to the new environment growth is expected in more sectors in 2017 compared with last year. The official outlook of Russia’s Economic Development Minister for this year implies a 0.6% GDP growth. Oreshkin said earlier that he expects a stronger growth for 2017. In the second half of this year, GDP growth will exceed 2%, which means it will be higher than 1% in the first half of 2017, the Minister said.

Finance Minister Anton Siluanov expects the country’s economic growth to reach 1.1-2% in 2017 instead of the officially forecasted 0.6%.

Russia’s GDP contraction amounted to 0.2% in 2016 compared with 2015, according to the state statistics service, Rosstat.

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