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World Bank: Inflation in Russia in 2018 remained low, economy grew despite sanctions

In their June report, the World Bank analysts forecast the growth of Russian economy at 1.5% in 2018, same as in 2017.
The growth rate of the Russian economy increased in 2018, while inflation remained low, the World Bank said in a report released on Tuesday.

“Although economic sanctions tightened, Russia experienced relatively low and stable inflation and increased oil production. As a result of robust domestic activity, the Russian economy expanded at a 1.6% pace in the year just ended”, according to “Global Economic Prospects. Darkening Skies” the January 2019 World Economic Outlook by the World Bank.

In their June report, the World Bank analysts forecast the growth of Russian economy at 1.5% in 2018, same as in 2017.

According to the World Bank, Russia and other oil exporters “maintained steady growth in 2018, supported by a rise in oil prices”.


Source: www.tass.com
News
The growth rate of prosperity in Russia over the past two years has exceeded the world average, analysts from the Boston Consulting Group said.
The authorities admitted that they could not keep inflation within 4%. It will be possible to return to this target indicator only in the second half of 2022, according to the analytical commentary of the Central Bank.
The OECD predicts acceleration in the global economy and a slowdown in the domestic Russian economy. The decline in household incomes and the contraction of consumer demand may become an additional brake on the recovery of the Russian economy.
According to Rosstat, the economic downturn in Russia in 2020 amounted to 3.1% – significantly better than expected.
The Deputy Chairman of the Bank of Russia Alexey Zabotkin emphasized that the potential economic growth rates do not depend on monetary policy, they are influenced by demography, labor force, and the efficiency of institutions.
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