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  • user warning: Table './taijimen_wpn2010/eng_cache_filter' is marked as crashed and should be repaired query: UPDATE eng_cache_filter SET data = '<p>The World Bank has updated its economic outlook for Russia for 2015 and 2016 to reflect a further stabilization of global oil prices. The new most likely scenario is more optimistic and assumes an average oil price of US$58.0 per barrel for 2015 and of US$63.6 per barrel for 2016.</p>\n<p>On this basis, real GDP is projected to contract by 2.7 percent in 2015, before reaching 0.7 percent in 2016, and 2.5 percent in 2017. This is an improvement to the Bank’s April outlook when real GDP was projected to contract by 3.8 percent in 2015 and modestly decline by 0.3 percent in 2016.</p>\n<p>“The revised forecast is largely driven by the adjustment in oil prices over the previous two months that is supporting the ruble exchange rate and a slightly faster retreat of inflation,” said Birgit Hansl, World Bank Lead Economist for the Russian Federation. “That would allow the Central Bank of Russia to pursue monetary easing at a more rapid pace for the rest of 2015, as a result bringing down borrowing costs and increasing lending to firms and households. Both investment and consumption growth would contract slightly less than previously expected.”</p>\n<p>Consumption is projected to decline in 2015 and 2016, following a negligible expansion in 2014. Investment activity would recover slowly in 2016 and more prominently in 2017, contingent on a removal of lingering structural problems and improvement in business and consumer sentiments, as sanctions are expected to phase out by the end of 2016.</p>\n<p>“Fiscal policy is expected to follow a consolidation path over the next two years with some improvement in the fiscal balance as oil revenues stabilize. However, we are optimistic that significant structural reforms will be part of the 2016-2017 budget proposal, which would allow for a steady recovery in 2016 and growth of about 2.5 percent in 2017,” said Birgit Hansl. “Significant downside risks to our projection remain, as the global oil market continues to search for its new equilibrium and the commitment to structural reforms needs to be supported by a concrete set of strong policy actions.” </p>\n<p><img src=\"/sites/en.worldpeoplenews.com/files/news/WB20150601.jpg\" width=\"588\" height=\"692\" alt=\"WB20150601.jpg\" /></p>\n<p>Source: World Bank</p>\n', created = 1740879569, expire = 1740965969, headers = '', serialized = 0 WHERE cid = '1:3922e203d870e82291265c836de42320' in /home/www/html/pdnonline/includes/cache.inc on line 108.
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  • user warning: Table './taijimen_wpn2010/eng_cache_filter' is marked as crashed and should be repaired query: UPDATE eng_cache_filter SET data = '<p>In the last 10 years, many countries have made significant progress to increase exclusive breastfeeding rates. Yet even greater progress is possible when breastfeeding is protected and supported, particularly in the workplace.</p>\n', created = 1740879569, expire = 1740965969, headers = '', serialized = 0 WHERE cid = '1:d26e5e4273c2501bde594bcbcf5a6594' in /home/www/html/pdnonline/includes/cache.inc on line 108.
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  • user warning: Table './taijimen_wpn2010/eng_cache_filter' is marked as crashed and should be repaired query: UPDATE eng_cache_filter SET data = '<p>The United States government’s failure to adequately regulate private nonprofit hospitals and to provide quality healthcare alternatives undermines access to health care, Human Rights Watch said in a report released on June 15, 2023.</p>\n', created = 1740879569, expire = 1740965969, headers = '', serialized = 0 WHERE cid = '1:23588efd9d9df69e58dbcb7c3464adaa' in /home/www/html/pdnonline/includes/cache.inc on line 108.
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  • user warning: Table './taijimen_wpn2010/eng_cache_filter' is marked as crashed and should be repaired query: UPDATE eng_cache_filter SET data = '<p>Islamist armed groups in Burkina Faso have killed scores of civilians, looted and burned property, and forced thousands to flee in attacks across the country since late 2022, Human Rights Watch said on June 15, 2023. The armed groups have also besieged several towns, cutting residents off from food, basic services, and humanitarian aid.</p>\n', created = 1740879569, expire = 1740965969, headers = '', serialized = 0 WHERE cid = '1:046bbbfa2baa00cd1d3b1966ecb354a8' in /home/www/html/pdnonline/includes/cache.inc on line 108.
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  • user warning: Table './taijimen_wpn2010/eng_cache_filter' is marked as crashed and should be repaired query: UPDATE eng_cache_filter SET data = '<p><a href=\"http://en.worldpeoplenews.com/sites/en.worldpeoplenews.com/files/2024NobelPeacePrizeLaureates/index.html\"><br />\n<h4>\nRinging FOWPAL’s Peace Bell for the World:Nobel Peace Prize Laureates’ Visions and Actions</h4>\n<p></p></a><br />\n<img src=\"/sites/en.worldpeoplenews.com/files/2024NobelPeacePrizeLaureates/banner.jpg\" width=\"240\" height=\"160\" /></p>\n<p><a href=\"http://en.worldpeoplenews.com/sites/en.worldpeoplenews.com/files/2024WorldCultureDiversity/index.html\"><br />\n<h4>\nProtecting the World’s Cultural Diversity for a Sustainable Future</h4>\n<p></p></a><br />\n<img src=\"/sites/en.worldpeoplenews.com/files/2024WorldCultureDiversity/banner.jpg\" width=\"240\" height=\"160\" /></p>\n<p><a href=\"http://en.worldpeoplenews.com/sites/en.worldpeoplenews.com/files/2024icday/index.html\"><br />\n<h4>\nGlobal Celebration of International Day of Conscience: Dr. Hong, Tao-Tze Unites Participants from 63 Nations</h4>\n<p></p></a><br />\n<img src=\"/sites/en.worldpeoplenews.com/files/2024icday/banner.jpg\" width=\"240\" height=\"160\" /></p>\n<p><a href=\"http://en.worldpeoplenews.com/sites/en.worldpeoplenews.com/files/2024EurasianEconomicSummit/index.html\"><br />\n<h4>\nThe Peace Bell Resonates at the 27th Eurasian Economic Summit</h4>\n<p></p></a><br />\n<img src=\"/sites/en.worldpeoplenews.com/files/2024EurasianEconomicSummit/banner.jpg\" width=\"240\" height=\"160\" /></p>\n<p><a href=\"http://en.worldpeoplenews.com/sites/en.worldpeoplenews.com/files/worldday2024/index.html\"><br />\n<h4>\nDeclaration of World Day of the Power of Hope Endorsed by People in 158 Nations</h4>\n<p></p></a><br />\n<img src=\"/sites/en.worldpeoplenews.com/files/worldday2024/banner.jpg\" width=\"240\" height=\"160\" /></p>\n<p><a href=\"http://en.worldpeoplenews.com/sites/en.worldpeoplenews.com/files/PostAuthoritarianBureaucracy/index.html\"><br />\n<h4>\nPost-authoritarian Bureaucracy Violence :Unveiling Ceremony at the Injustice Site of the 1219 Incident</h4>\n<p></p></a><br />\n<img src=\"/sites/en.worldpeoplenews.com/files/PostAuthoritarianBureaucracy/PostAuthoritarianBureaucracy.jpg\" width=\"240\" height=\"160\" /></p>\n<p>Puppet Show I International Friendship Day 2020<br />\n<iframe width=\"280px\" height=\"210px\" src=\"https://www.youtube.com/embed/g864WXrLPmg\"></iframe></p>\n', created = 1740879569, expire = 1740965969, headers = '', serialized = 0 WHERE cid = '2:a5be901216e97bc0936ebb9eba6f91fb' in /home/www/html/pdnonline/includes/cache.inc on line 108.

World Bank Revises Its Growth Projections for Russia for 2015 and 2016

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2015-06-02

The World Bank has updated its economic outlook for Russia for 2015 and 2016 to reflect a further stabilization of global oil prices. The new most likely scenario is more optimistic and assumes an average oil price of US$58.0 per barrel for 2015 and of US$63.6 per barrel for 2016.

On this basis, real GDP is projected to contract by 2.7 percent in 2015, before reaching 0.7 percent in 2016, and 2.5 percent in 2017. This is an improvement to the Bank’s April outlook when real GDP was projected to contract by 3.8 percent in 2015 and modestly decline by 0.3 percent in 2016.

“The revised forecast is largely driven by the adjustment in oil prices over the previous two months that is supporting the ruble exchange rate and a slightly faster retreat of inflation,” said Birgit Hansl, World Bank Lead Economist for the Russian Federation. “That would allow the Central Bank of Russia to pursue monetary easing at a more rapid pace for the rest of 2015, as a result bringing down borrowing costs and increasing lending to firms and households. Both investment and consumption growth would contract slightly less than previously expected.”

Consumption is projected to decline in 2015 and 2016, following a negligible expansion in 2014. Investment activity would recover slowly in 2016 and more prominently in 2017, contingent on a removal of lingering structural problems and improvement in business and consumer sentiments, as sanctions are expected to phase out by the end of 2016.

“Fiscal policy is expected to follow a consolidation path over the next two years with some improvement in the fiscal balance as oil revenues stabilize. However, we are optimistic that significant structural reforms will be part of the 2016-2017 budget proposal, which would allow for a steady recovery in 2016 and growth of about 2.5 percent in 2017,” said Birgit Hansl. “Significant downside risks to our projection remain, as the global oil market continues to search for its new equilibrium and the commitment to structural reforms needs to be supported by a concrete set of strong policy actions.”

WB20150601.jpg

Source: World Bank

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