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IMF improves Russia’s GDP growth to 1.4% in 2017

April 18, 2017, 16:18 UTC+3

The IMF also revised downward its outlook on Russia’s GDP decline last year from 0.6% to 0.2%

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WASHINGTON, April 18. /TASS/.The International Monetary Fund (IMF) upgraded its forecast on Russia’s GDP growth from 1.1% to 1.4% in 2017 and from 1.2% to 1.4% in 2018 in its new report released on Tuesday.

The IMF also revised downward its outlook on Russia’s GDP decline last year from 0.6% to 0.2%.

"Russia is poised to exit recession, with growth reaching 1.4% in 2017 (following a cumulative contraction of about 3% in the previous two years), the IMF said in its comment. "The pickup in activity reflects firming oil prices and a recovery in domestic demand attributable to easing financial conditions and improved confidence," the Fund said.

"Higher oil prices and the improved outlook for Russia will support activity elsewhere in the region, given tight linkages through trade, investment, and remittances," the IMF reported.

IMF projects inflation of 4.5% for 2017

IMF projects consumer price growth in Russia of 4.5% in 2017 and 4.2% in 2018, according to the latest World Economic Outlook report.

"Inflation is expected to fall further toward the central bank’s inflation target over the course of 2017, providing the conditions for the central bank to gradually resume monetary policy easing, with due attention to external risks and the need to build the credibility of the newly introduced inflation-targeting regime," IMF said.

According to Russia’s official outlook, inflation is expected to reach 4.4% this year and 4% in 2018.

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