Ulyukayev predicted Russia’s exit from recession in 2016

The Minister of economic development of Russia Alexei Ulyukayev

Photo: Ekaterina Kuzmina/RBC

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The Russian economy since the third quarter will show growth, “the low point of the recession passed,” he said at the St. Petersburg economic forum the Minister of economic development Alexei Ulyukayev

The Russian economy will fully emerge from recession this year, said Minister of economic development Alexei Ulyukayev on the opened Thursday in St. Petersburg international economic forum (SPIEF).

Low point of the recession passed, there is a rapid economic recovery. Since the third quarter, the Russian economy will show growth. The recession in the economy will completely cease by the end of this year”, — said the Minister, speaking at the forum “Business twenty” in the framework of SPIEF.

According to the speaker, the decline in GDP in January—may this year amounted to less than 1%.

The last time the speaker was talking about the exit of Russia from recession in February. “By definition, a recession is when two consecutive quarters of decrease. In this sense, the recession is over, it’s not,” said the Minister.

The Ministry of economic development, in may GDP fell by 0.4% yoy. Underlying the Ministry’s forecast assumes a decline of GDP by the end of 2016 at 0.3%. The world Bank forecast, which was published June 7 in the USA contains the assumption that Russia’s GDP in 2016 will be reduced by 1.2%, in 2017 will grow by 1.4%, and in 2018 — by 1.8%.

Independent experts agree that the economy emerges from recession. The dynamics of demand indicates that the bottom of the crisis was not passed, the economy still deeper into recession, wrote in early June, the experts of the Higher school of Economics.

RBC is an online broadcast of the forum in 2016.

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