UPDATE: Russian official: No obstacles for econ growth already 2016

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MOSCOW, Apr 12 (PRIME) -- Russia has no obstacles to return to economic growth already this year, Deputy Prime Minister Arkady Dvorkovich said at a forum on Tuesday.

“There are no obstacles for economic growth to be already this year,” he said.

The Economic Development Ministry’s official forecast envisages a 0.7% decline of gross domestic product (GDP) in 2016. The ministry is expected to revise its forecast later in April.

The government will define further measures to support the economy after the results of the first half of the year, Dvorkovich also said.

“We will analyze the situation in the second half of the year, return to the question what we can do to stimulate economic growth in the second half of the year,” he said.

The central bank’s Chairwoman Elvira Nabiullina believes that GDP will mostly likely switch to quarterly growth in 2016, but will post a decline for the entire year.

“Despite our conservatism, we see a high probability that the pace of economic growth in quarterly terms can reach a positive territory this year, but the pace for the entire year will be negative,” she said.

Nabiullina also said the GDP growth will not exceed 1.5% without structural reforms and improvement of the investment climate even if the oil price stands at U.S. $100 per barrel.

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