IMF expects Russian economy's grow to reach 2% this year

IMF expects Russian economy's grow to reach 2% this year

An International Monetary Fund (IMF) mission said that Russia's economic growth is anticipated to reach a 2% mark this year.

"A cyclical recovery in Russia is gaining pace after a two-year recession, with growth expected to reach around 2% this year, supported by higher oil prices and easier domestic financial conditions," the statement said.

The IMF estimated the inflation rate would be below 3% at the end of 2017, but it will rise to the 4% target soon. According to the statement, the forecast will improve because of increasing oil prices and growing global demand.

In addition, the IMF noted that Russia's Central Bank reached its inflation goal earlier that it has been anticipated, Sputnik reported.

The IMF recommended that Russia should implement a new strategy that deals with market confidence in order to improve the current review.

In early November, the IMF suggested the Russian economy would grow sequentially in 2017 to roughly 1.8%, while in 2018 the average growth would also increase sequentially and stabilize around the long-term trend of 1.6%.

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