BOFIT Forecast for Russia 2018–2020 / 2

Abstract

GDP growth in Russia is projected to remain below 2 % this year. Growth will decelerate slightly next year to around 1.5 % as long as the oil price stays reasonably close to current levels. Growth of the economy will remain relatively slow as there are too few signs of moving ahead with market-friendly systemic reforms that are needed to foster higher growth. The rapid recovery of Russian imports from a deep slump slowed significantly in spring, and the revival is expected to continue at relatively slow pace during the forecast period.