BOFIT Forecast for Russia 2018–2020 / 1

Abstract

We expect Russian GDP to continue reviving, increasing by nearly 2 % this year. If the oil price remains near its current levels, growth will slow to around 1.5 % p.a. in 2019 and 2020. While growth in Russia’s imports remains fairly brisk, we see the recovery in imports this year slowing substantially from last year’s strong rebound and a bit further thereafter. Growth of the economy will remain relatively slow as proper reforms that would support generation of income and growth are not in sight.