Kudrin expecting recession in 2016, says Russian economy may grow in 2017

The Russian economy is likely to decline in 2016, while a growth is possible in 2017, former Russian Finance Minister, Civil Initiatives Committee head Alexei Kudrin has said.

The Russian economy is likely to decline in 2016, while a growth is possible in 2017, former Russian Finance Minister, Civil Initiatives Committee head Alexei Kudrin has said.

"I stick to forecasting from minus 1 percent to plus 0.5 percent, most probably a recession. The below zero probability is more than 50 percent," he said in comments on the Russian Economic Development Ministry's forecast suggesting 0.7 percent GDP growth in 2016. The Finance Ministry is also expecting a year-on-year upward trend.

In the opinion of Kudrin, a growth can hardly be expected due to "the absence of the main drivers: uncertainty remains in the government policy, real incomes continue to decline, which means stagnation of the demand, and investments, both private and governmental, are also stagnating or lessening."

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