Support The Moscow Times!

OECD Cuts Russia Short-Term Growth Outlook

The OECD expects Russia and central and eastern Europe's economies to advance in 2015 after a mixed picture next year as the region tries to overcome the impact of a slump in the eurozone, it said Tuesday.

The organization of the world's most developed countries said that next year Russia had little leeway to cut interest rates.

The OECD again cut its 2013 growth outlook for Russia, to 1.5 percent from the 2.3 percent it forecast in May. It also reduced its 2014 outlook to 2.3 percent from 3.6 percent, but saw growth picking up to 2.9 percent in 2015.

Growth should gradually strengthen thanks to infrastructure spending and investment in the mining sector as the euro area recovers. Low unemployment should keep consumption growth solid, it said.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.