Sanctions will affect Russia's GDP in 2015

This forecast was made by Andrey Klepach, the former Deputy head of the Ministry of economic development of the Russian Federation

03.Aug.14 2:33 PM
By Ube Salorainen
Photo rg.ru

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Sanctions will affect Russia's GDP in 2015

The growth of Russian GDP in 2014 may slightly exceed the forecast of the Ministry of economic development of the Russian Federation and will be 0.6-0.7 %. Such forecast was made by the former Deputy head of the Ministry of economic development of Russia, which controlled the issues of macroeconomic policy, currently Deputy Chairman of Vnesheconombank Andrey Klepach.

He believes that there are no reasons to review the forecast of the Ministry of economic development of Russia, which is 0.5 %. The growth may be more by 0.1-0.2 % due to the fact that exports and prices for oil and gas resources are a little bit higher than expected. Industrial growth under all difficulties may also be greater than 1 %. There are also risks, they are related to the fact that because of the sanctions outflow of capital may be larger than expected 90 billion dollars.

A. Klepach has dissent from estimates of the International Monetary Fund and The World Bank that in 2014 the growth will amount to only 0.2-0.3%, in his opinion there are still some opportunities for growth of Russian economy.

Andrey Klepach mentioned that the main influence of sanctions can be showed in 2015. This can lead to economic stagnation, or even decline. But, in his opinion, Russia has all opportunities for active adaptation, for instance savings as foreign exchange reserves and assets of the national welfare Fund, which may be used for investments.

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