IMF upgrades Russia’s GDP outlook for 2017 to around 2%

WASHINGTON, Nov 20 (PRIME) -- The International Monetary Fund (IMF) has upgraded its forecast for Russia’ gross domestic product growth to around 2% in 2017 from 1.8% projected in October, the fund said late on November 17.

“A cyclical recovery in Russia is gaining pace after a two-year recession, with growth expected to reach around 2% this year, supported by higher oil prices and easier domestic financial conditions,” it said.

“Nevertheless, growth is likely to remain low in the medium-term, due to demographics, unaddressed structural bottlenecks as well as enduring sanctions.”

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