UN: Russian economy returns to growth after recession

UN: Russian economy returns to growth after recession

Russia's economy is resuming growth in 2017–2019 after recession, the United Nations Conference on Trade and Development (UNCTAD) said in a report on the world’s economic condition and forecasts for 2018.

Russia's economy will continue to improve in 2018–2019, and its growth will reach 2.4% per year, the UNCTAD says in the report.

"Cyclical improvements in Argentina, Brazil, Nigeria and the Russian Federation, as these economies emerge from recession, also explain roughly a third of the rise in the rate of global growth between 2016 and 2017," the report says.

Among the reasons behind the growth, UNCTAD lists better conditions for trade, the external situation that provides more support to markets, changes in macroeconomic conditions, as well as improvements in rent and collateral, better access to technologies, and higher real wages.

At the global level, economic growth is expected to remain steady at 3% in 2018 and 2019.