Econ minister says Russian economy can restart growth in 2016

MOSCOW, Feb 2 (PRIME) -- The Russian economy can start recovering already in 2016, Economic Development Minister Alexei Ulyukayev said at a ministerial meeting Tuesday.

“A transition to the economic rebounding is possible already in 2016, we must be ready for that,” Ulyukayev said.

The ministry said earlier that Russia’s gross domestic product (GDP) can rise 0.7% in 2016, but only if oil price is U.S. $50 per barrel. Business daily Vedomosti reported that there is also a draft forecast for $40 average annual oil price, in this case the economy will contract 0.8%.

In 2015, Russia’s GDP fell 3.7%, the Federal State Statistics Service said earlier citing preliminary data.

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