The Bank of Russia increased the forecast of GDP growth for 2020

© RIA Novosti / Natalia to Seliverstova in photobacteria Central Bank of Russia. Archival photoThe Bank of Russia increased the forecast of GDP growth for 2020© RIA Novosti / Natalia to Seliverstova the image Bank

The Bank of Russia increased the forecast of growth of Russian GDP in 2020 to 1.8-2.3 percent, said the Chairman of the Central Bank Elvira Nabiullina at the press conference.

Earlier, the Central Bank predicted growth of GDP in 2018-2020 1.5-2%.

«We have refined our medium-term Outlook, taking into account the stated structural and fiscal measures, as well as the changing external environment. The GDP growth rate in 2019, projected within the boundaries of 1.2-1.7%. According to our estimates, the VAT increase will have only a small restraining influence on economic growth, given that additional tax revenues will be used in the same year to support economic growth. The forecast of GDP growth in 2020, upgraded to 1.8 and 2.3%,» — said Nabiullina.

«In subsequent years, economic growth can be accelerated subject to the successful implementation of structural measures,» she added. The forecast of GDP growth in 2018 remains at the level of 1.5-2%, said the head of the Central Bank.

Central Bank on Friday raised its key interest rate by 0.25 percentage points to 7.5% per annum.

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