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Structural constraints weigh down Russia’s economic growth, minister says

Russia’s GDP growth will amount to 0.6% this year, according to the Economic Development Ministry

DAVOS, January 20. /TASS/. Certain structural constraints weigh down Russia’s economic growth despite the recent positive dynamics, Economic Development Minister Maksim Oreshkin said in an interview aired by the Rossiya-24 TV news channel on the sidelines of the World Economic Forum in Swiss Davos.

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Russian economy minister: Results of 2016 demonstrated adjustment to cheap oil, sanctions

"We’re going to thrash out a list of measures to lift those constraints in order to reach high economic growth rates," he said.

According to the Economic Development Ministry’s official outlook, Russia’s GDP growth will amount to 0.6% this year. Earlier the Ministry said that 2017 growth would be higher than that. In the second half of this year, GDP growth may exceed 2%, which means GDP growth in the first half of 2017 will be higher than 1%, the Ministry said.

Russia’s Finance Minister Anton Siluanov also thinks the country’s GDP growth may exceed the official 0.6% outlook two times this year. Siluanov expects 1-1.2% economic growth in Russia in 2017.

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