Credit Suisse sees Russia’s economy growing 2–3% in 2020

MOSCOW, Dec 12 (PRIME) -- The Russian economy is expected to show stable growth of 2–3% in 2020, but much will depend on oil prices, Vice Chairman of the Investment Committee of Credit Suisse Burkhard Varnholt told PRIME in an interview released on Thursday.

The ruble will continue strengthening against the U.S. dollar, he added.

Credit Suisse sees a high potential for the Russian economy growth. “I think that the key criterion is competitiveness, here Russia could do much more. Russia has very educated and able-bodied population, relatively low cost of labor, energy, real estate and so on – all this looks attractive,” Varnholt said.

The Economic Development Ministry projects Russia’s economic growth of 1.3% in 2019 and 1.7% in 2020. The World Bank expects the economy to grow 1.2% in 2019 and 1.6% in 2020.

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