NEWSWATCH: “Russia expects economic growth in a year; Ministers warned early this year a return to $50 per barrel oil could create headwinds – UPI

Alexei Ulyukayev file photo

It may be another year before the Russian economy recovers from deep recession and returns to growth, the country’s economic development minister said.

With a 3.7 percent decline in gross domestic product last year … Ulyukayev said the country was in a deep recession. The Russian Central Bank, however, said earlier this week that inflation was stabilizing and the economy was moving to the starting point of recovery. * * * A December review from the Central Bank of Russia said oil prices should return to $50 per barrel by the first half of 2016, but stay there until at least late 2018. Lower oil prices are expected to limit Russia’s economic recovery, but the economy may become less exposed to commodity prices as it shifts to more productive industries.

Click here for UPI: Russia expects economic growth in a year; Ministers warned early this year a return to $50 per barrel oil could create headwinds.

[feature image is file photo]

Comment