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Russia expects to see positive growth in economy next year

Staff writer |
Russia is expected to see a positive growth of 2.3 percent in its economy next year, Russian Economic Development Minister Alexei Ulyukayev said.

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Ulyukayev made the prediction based on the average oil price standing at 60 U.S. dollars per barrel, according to an online version of his speech posted at the website of the Russian Economic Development Ministry.

The Russian official also said the decline of inflation rate indicated improvement in Russian economy, predicting that inflation would slow down to 15.7-15.8 percent by Aug. 1

"We think that the inflation rate will range between 10-10.5 percent at the end of this year, and by the end of the first quarter of 2016, according to our forecast and the forecast of the Central Bank, it will be back to 7 percent," said Ulyukayev.

The minister was confident that the economic situation in Russia is getting better and the month-on-month recession is almost over.

"We estimate that the economic drop would be 3.4 percent in the first half and 4.4 (percent) in the second half of this year," Ulyukayev said. "We assume this is probably the lowest point."

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