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PM Medvedev expects Russia’s GDP growth to exceed 2% in 2017

November 13, 7:00 UTC+3

Russian Prime Minister Dmitry Medvedev noted that Russia, just like other countries, is looking for ways of adapting to the new economic reality

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MANILA, November 13. /TASS/. The growth of Russia’s GDP can exceed 2% by the end of 2017, Russian Prime Minister Dmitry Medvedev told the ASEAN Business and Investment Summit in Manila.

"This year we have a good recovery growth. We expect the GDP growth to exceed 2% by the end of the year," Medvedev said.

He noted that Russia, just like other countries, is looking for ways of adapting to the new economic reality. According to the Russian premier, the country has been able to overhaul its national economy to a certain extent by freeing it of excessive dependence on raw materials exports.

"We have carried out anti-crisis support for the promising industries, the banking sector. We continue to maintain some support measures just as we are maintaining the floating exchange rate and the inflation targeting regime. The budget deficit is strictly controlled to ensure a balanced budget system and relatively low oil prices, which, of course, are very important for our economy," he said.

The Russian government is working to improve the business and investment climate in the country. "Structural imbalances are ironed out. The economic sectors that are not linked to oil and gas production show good dynamics. They have got competitive advantages in the domestic market," Medvedev said. He drew attention to Russia’s trade surplus and "the trend aimed at boosting international reserves."

In light of this, Medvedev noted that investors’ growing interest in project in Russia was a natural thing. "During the first half of this year, the volume of direct foreign investment grew by more than 200%," the prime minister said, expressing the intention to further consolidate positive trends in this area.

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