Central Bank predicts stagnation for Russian economy | @RussiaBeyond The Headlines

Central Bank predicts stagnation for Russian economy | Russia Beyond The Headlines:

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The Central Bank says that economic modernisation is key to speeding up growth in the mid-term.
Source: ITAR-TASS

By the end of 2013, the Russian economy will grow by a mere 2 percent. Growth rates could pick up gradually in 2014 but will most likely not show any significant boost. This is the Central Bank’s assessment of the economic development prospects as set out in its quarterly monetary policy report.

In spring the Ministry of Economic Development cut its 2013 forecast growth rate from 3.6 to 2.4 percent, and in 2014-2015 an increase in growth rates at 3,7 and 4,2 percent correspondingly is to be expected. However, the slowdown in GDP growth in the 2nd quarter ‒ from 1.6 percent in the first quarter to 1.2 percent (year-on-year from 2012) ‒ questions even the downgraded forecast for 2013.

According to the calculations provided by Nikolay Kondrashov of the Centre for Development at Higher School of Economics, the half-year economic growth reached 1.4 percent, and with the seasonal discount the second quarter growth against the January-March period was only 0.1 percent."

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