EBRD chief economist says Russian economy coming out of recession

LONDON, Nov 3 (PRIME) -- The Russian economy is coming out of a recession, Chief Economist of the European Bank for Reconstruction and Development (EBRD) Sergei Guriyev told PRIME in an interview published on Thursday.

“We think that right now Russia is getting out of the recession. This is a complex notion because you get one figures when looking at quarter-to-quarter data and different ones when it’s year to year. Looking year to year, the recession will continue in the second half of 2016 but quarter to quarter, it will end,” Guriyev said.

The EBRD expects that Russia’s economy will grow 1.2% in 2017, he said, adding that, while there is no forecast after 2018, the bank expects an about 1.5% increase.

According to Guriyev, oil prices will remain at the current level of about U.S. $50 per barrel in 2017. “We presume that oil prices in 2017 will remain at the level they are now, about $50 per barrel. But they can rise either. But we do not expect that they will be higher than $60–65 per barrel under any scenarious.”

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