IMF improves forecast for Russia’s GDP fall to 1.5% in 2016

LONDON, May 19 (PRIME) -- The International Monetary Fund (IMF) has improved its forecast for Russia’s gross domestic product (GDP) and now it expects the economy to fall 1.5% in 2016 against earlier expected 1.8%, as seen by PRIME in data of the fund on Thursday.

Russia’s GDP will rise by 1% in 2017 against earlier expected 0.8%. The IMF revised the forecast because it expects oil prices to stabilize and financial conditions in Russia to improve.

According to a forecast of the Economic Development Ministry, Russia’s GDR will fall 0.2% in 2016 and rise 0.8% in 2017. In 2015, the economy contracted 3.7%.

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