Spotlight: Russian economy to be painful yet hopeful in 2015: experts

The year 2015 will be unusual for the Russian economy as it spells both pains for the battered economy and opportunities for its economic revival, experts have said.

The current slump of world oil prices poses a challenge to the Russian economy, but it can also be a stimulus for restructuring the economy, partner of the GeoNedra Scientific Analytical Center Andrei Ivanov told Xinhua on Tuesday.

"Economic development is a multi-factor phenomenon and oil price is only one among numerous factors that affect the situation," Ivanov said, adding that oil price alone is incapable of bringing about major changes.

The Russian economy has become very much crisis-proof over the past 15 years during which the country witnessed massive capital outflow, investors' mistrust and other negative factors, the expert said.

"Russia will overcome the current difficulties similarly in pain, but it will definitely survive the crisis," he noted.

Andrei Lusnikov, oil analyst of Finam Investment Company, believed current oil price plunge provides possibilities for Russia's economic restructuring.

"It is a shock for the Russian economy and will lead to an avalanche of negative consequences in a short term," Lusnikov told Xinhua in an interview on Tuesday.

However, from a strategic and long-term prospective, he said, it "could potentially improve the entire economic system," since the crisis could weed out the "unhealthy, obsolete sectors of the economy."

The Russian ruble slid further against the dollar and the euro on Tuesday as world oil prices remained on a downside trend.

In response, the Russian government has talked repeatedly about getting rid of the unduly energy-dependent growth mode.

"Authorities proclaim the need to modernize the economy, and to give more freedom to entrepreneurs among many other measures," said Ivanov.

"The severe situation might force the government to ease taxation burden on businesses and to improve business climate," Lusnikov said, adding that Russian enterprises have enough experience in adjusting to hard times.

To make things worse, world leading rating agencies lowered their expectations for the Russian economy on the first days of 2015.

Fitch downgraded Russia's credit rating from BBB to BBB-, one notch above junk status. Goldman Sachs lowered its forecast for the ruble's exchange rate from previous 47 to 69 rubles per dollar for this year. The U.S. banking giant Citigroup forecast the Russian gross domestic product in 2015 to fall to minus 3 percent.

"Rating agencies downgraded Russia's credit rating but it has very little to do with the 'real' economy," Ivanov noted.

Lusnikov said, however, one more grade cut in Russia's rating might push many foreign investors to withdraw capital from the country, which in turn could increase the pressure on the ruble.

"This year will bring no fun for anyone in Russia, but no tragic development could be expected either," Ivanov said. Endi