UN experts forecast growth of Russian economy this year

Mon 01 May 2017 10:59 GMT | 14:59 Local Time

Text size: bigger smaller
W1siziisijiwmtcvmduvmdevmtuvmdmvmzgvzwq2zdc1zgutmtkyyy00mtqwlwfmnjktogrhngeyzjnjogfml2ltywdllmpwzyjdlfsiccisinrodw1iiiwimzywedi3mcmixv0?sha=7c5a5dbe2df0babb

Russia’s economy is expected to grow by 1.1% in 2017 due to "relatively higher oil prices."

Russia’s economy is expected to grow by 1.1% in 2017 due to "relatively higher oil prices," the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) said in its annual report presented in Thailand’s capital Bangkok on Monday, according to TASS.

"Relatively higher oil prices are projected to lift economic growth in the Russian Federation by 1.1 per cent in 2017 after last year’s contraction of 0.2 per cent," the survey said.

Authors of the report also forecast that developing economies of the Asia-Pacific region will grow at 5% and 5.1% in 2017 and 2018, respectively, up from 4.9% last year.

"The projected moderate Asia-Pacific economic growth faces risks from rising protectionism and global uncertainty," the survey says. "A steeper-than-anticipated increase in these factors could reduce average regional growth in 2017 by up to 1.2 percentage points."

Established in 1947 with its headquarters in Bangkok, ESCAP is a major regional commission of the United Nations, which promotes social and economic development of the Asia-Pacific region. It has 53 member-states. Russia has been the organization’s member since 1947.

News.Az

Printer

Commentary

Most read articles

More from World

In The Region

Editor Picks

Azerbaijan Cuisine

Explore the food of Azerbaijan - from sherbet to succulent kebab, from baklava to fragrant pilaff

Follow us

Find us on Facebook