IMF retained the growth forecast of Russia’s GDP in 2018-2019

© AFP 2018 / Yuri GripasШтаб-apartment of the International monetary Fund in Washington, USA. Archival photoIMF retained the growth forecast of Russia’s GDP in 2018-2019© AFP 2018 / Yuri Gripas

The international monetary Fund has maintained the GDP growth forecast for Russia for 2018 and 2019 at the level of January’s estimates of 1.7% and 1.5%, respectively, from the April forecast, the IMF World Economic Outlook.

The Fund noted that more significant growth of the Russian economy hampered by structural problems and an outflow of investment because of sanctions. At the same time, the growth supported by higher revenues from the sale of oil.

«The increase in income from oil exports, the strengthening of business confidence and more open monetary policies helped return the Russian economy to growth in 2017. Real GDP is expected to increase by 1.7% this year before growth will decrease slightly, to 1.5% in the medium term, due to structural problems and the effect of the sanctions, deterring investment,» — noted analysts of the IMF.