Arab Today, arab today world bank improves outlook of russias battered economy
Last Updated : GMT 21:41:32
Arab Today, arab today
Arab Today, arab today

World Bank improves outlook of Russia's battered economy

Arab Today, arab today

Arab Today, arab today World Bank improves outlook of Russia's battered economy

World Bank
Moscow - AFP

The World Bank on Monday said it saw some improvement in Russia's battered economy,  predicting it would shrink by 2.7 percent this year and return to growth of 0.7 percent in 2016.

The Russian economy has been savaged by a fall in oil prices and Western sanctions imposed over the conflict in Ukraine, and the World Bank had previously forecast a contraction of 3.8 percent in 2015 and of 0.3 percent next year.

"The revised forecast is largely driven by the adjustment in oil prices over the previous two months that is supporting the ruble exchange rate and a slightly faster retreat of inflation," Birgit Hansl, World Bank lead economist for Russia, said in a statement.

"That would allow Russia's central bank to pursue monetary easing at a more rapid pace for the rest of 2015, as a result bringing down borrowing costs and increasing lending to firms and households."

After plummeting dramatically between June 2014 and January, oil prices have rebounded to around $60 a barrel.

Russia's ruble currency crashed last year but since the start of 2015 has clawed back ground, leading officials to claim that the worst of the crisis is over.  

The Russian central bank in December hiked rates dramatically as the currency fell but in recent months has been cutting back rates as inflation fears have eased.

The International Monetary Fund has also improved its outlook for Russia to a 3.4 percent contraction this year and growth of 0.2 percent in 2016.

Official statistics showed that Russia's gross domestic product shrank year-on-year in the first quarter of 2015 by 1.9 percent.

But while Russian officials are sounding increasingly upbeat, experts warned that difficulties still lie ahead.

"The most acute phase of the crisis is yet to come," highly respected former finance minister Alexei Kudrin told Interfax news agency, noting that the economic contraction would be greater in the second quarter than the first.

"Beyond that, the situation may stabilise and the decline come to an end," he added.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today world bank improves outlook of russias battered economy Arab Today, arab today world bank improves outlook of russias battered economy

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today world bank improves outlook of russias battered economy Arab Today, arab today world bank improves outlook of russias battered economy

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday