Photo: Anton Belitsky / Russian Look / Globallookpress.com
The recovery of the Russian economy after a long recession was short-lived, writes Bloomberg.
Analysts of American Bank JPMorgan Chase & Co. I believe that the pace of economic growth in Russia was negative during the last two quarters of 2017. This is an indication of a recession in a number of segments, from consumption to production.
In the annual comparison of Russian GDP is still growing, the Central Bank estimates the growth rate in 2017 is 1.7-2.2 percent and predicts a similar performance in the current year. Official data on GDP growth after the third quarter has not yet been published.
“The growth [of the economy] has been associated with a number of one-off factors the influence of which now comes to naught”, — says economist at Barclays Capital in London Liza Ermolenko. According to her, the gap between actual and potential GDP is virtually eliminated, therefore room for further recovery a bit.
But in JPMorgan believe that the weakening will be temporary. Experts note that such a rapid drawdown of the GDP underlines the difficulties currently facing the economy before the presidential election in March 2018.
January 10, the world Bank raised its forecast for economic growth in Russia in 2018 from 1.4 to 1.7 percent.
According to experts of Economics, the Russian economy in 2017 bottomed due to the increase in the price of Urals crude oil from 42 dollars a barrel in 2016 to $ 53 in 2017, but the current situation is unsustainable.
Video, photo All from Russia.