sees less pessimistic outlook for russian economy
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

IMF mission chief to Russia Ernesto Ramirez Rigo:

Sees less pessimistic outlook for Russian economy

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleSees less pessimistic outlook for Russian economy

IMF mission chief to Russia Ernesto Ramirez Rigo
Moscow - Arab Today

The International Monetary Fund on Thursday announced a less pessimistic forecast for Russia's economy, predicting no more than 3.4 percent contraction in 2015 and emergence from recession in 2016.

The IMF had last month predicted that the economy would contract by 3.8 percent this year and by 1.1 percent in 2016.

"A recession is expected in 2015 followed by a mild recovery in 2016," the IMF said in a statement released at a presentation in Moscow.

"GDP is expected to decline by 3.4 percent in 2015 driven by a contraction in domestic demand and weighed down by falling real wages, higher cost of capital and weakened confidence."

The Russian authorities' "anti-crisis package has helped to stabilise the situation," said Ernesto Ramirez Rigo, the head of the IMF's mission in Russia.

He said Russia's economy still faces "significant risks mainly caused by oil prices... and of course the geopolitical tensions but at the same time they are mitigated by large buffers."

"There will be a mild recovery in 2016," he said, adding that "the medium term outlook is for low growth."

Russia is currently suffering from the effects of a major currency crisis in 2014 triggered by Western sanctions over the Ukraine conflict as well as the effect of plunging oil prices on its economy dependent on energy exports.

Russians' spending power and consumption collapsed amid spiralling inflation which forced the Russian authorities to spend some of their reserves on propping up the financial sector and to cut spending.

The new IMF prediction for 2015 is still more pessimistic than that of the Russian government which is forecasting a contraction of 2.8 percent.

Finance Minister Anton Siluanov, after meeting the IMF's mission members on Thursday, even suggested the contraction could be no more than 2.5 percent.

He was cited as saying on Twitter Thursday that the "situation in the financial sphere is seeing a trend towards stabilisation."
Source: AFP

 

themuslimchronicle
themuslimchronicle

GMT 08:11 2018 Wednesday ,17 January

BlackRock chief calls on CEOs

GMT 08:51 2018 Wednesday ,03 January

Banks 'reticent' to work with Sudan

GMT 08:36 2017 Sunday ,31 December

US tax reform to cut earnings by $5 bn

GMT 18:42 2017 Thursday ,28 December

Al-Sukait Tackles Investors’ Contribution

GMT 18:34 2017 Wednesday ,27 December

Shaath reveals opening date of Metro third line

GMT 09:52 2017 Tuesday ,12 December

Senate tax plan would boost revenue $1.8 tn

GMT 08:42 2017 Friday ,08 December

Post-Brexit London 'won't fall apart'

GMT 10:04 2017 Monday ,27 November

Brexit without EU trade deal 'not end of world'
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

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*

sees less pessimistic outlook for russian economy sees less pessimistic outlook for russian economy

 



Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

GMT 08:32 2011 Monday ,25 July

Sabri accuses Yusri in Souad Hosni’s murder

GMT 12:07 2014 Monday ,03 February

Home design ideas

GMT 11:20 2017 Thursday ,02 March

Mexico central bank cuts growth outlook over Trump

GMT 08:31 2017 Tuesday ,28 November

Bangladesh upholds death sentence for 139 soldiers

GMT 14:33 2017 Thursday ,20 April

US defense secretary vows support for Egypt's Sisi

GMT 16:12 2017 Wednesday ,20 December

Myanmar bars UN rights investigator just before visit

GMT 08:21 2017 Wednesday ,30 August

United Technologies near deal to buy Rockwell Collins

GMT 18:27 2017 Friday ,21 April

ARCO condemns targeting of ERC convoy in Somalia
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle