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Country Economic Forecasts > Russia

  • March 2017
  • -
  • Oxford Economics
  • -
  • 13 pages

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The Russian economy is emerging from a two-year recession, with monthly indicators pointing to marginally positive year-on-year real GDP growth in Q4 2016. But we think that a substantial economic recovery will remain elusive, and expect growth of just 1.2% in 2017 and 1.3% in 2018. Unlike in previous recoveries, consumer demand - weighed down by fiscal consolidation and a cautious monetary policy - will fail to provide a strong impetus to growth. However, the risks to our forecast are on the upside.

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