Economic recession in Russia hits bottom — Economic Development Minister

Economic recession has hit its bottom in Russia, the Minister of Economic Development Alexey Ulyukayev said on Monday.

Economic recession has hit its bottom in Russia, the Minister of Economic Development Alexey Ulyukayev said on Monday.

"A 3.4% drop is our 1H estimate, around 4.4% is our Q2 estimate. We assume this is probably the lowest point, which will be followed by some certain upwards correction starting from Q3," the Minister said.

The result of the Government’s actions within the anti-crisis policy is already obvious, he said. "We see that recession dynamics is decreasing. We expect the trajectory to change within nearest weeks, first month-on-month positive dynamics and later year-on-year economic growth in 2016," the Minister added.

The economic situation in Russia is going to improve in the third quarter as GDP drop will not exceed 2.6-2.8% by the end of 2016, he said.

According to reviewed economic forecast by Russia’s Economic Development Ministry published in May, GDP will drop by 2.8% in 2015 while in 2016 and 2017 GDP will grow by 2.3% and by 2.4% in 2018.

First published by TASS.

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