IMF: Russian economy reaches bottom, prospects improve

WASHINGTON, Sep 1 (PRIME) -- The Russian economy has reached its rock bottom and its future has improved thanks cost cuts and a global oil price increase, the International Monetary Fund (IMF) said in a statement released on Thursday.

The fund improved its outlook for the Russian gross domestic product (GDP) for 2016 by 0.3 percentage points to a 1.2% contraction in July. The forecast for 2017 was confirmed at a 1% increase and for the middle term at a 1.5% growth annually.

The IMF will hold a summit in Hangzhou on September 4–5.

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