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Russia expects to see positive growth in economy next year

Xinhua, July 28, 2015 Adjust font size:

Russia is expected to see a positive growth of 2.3 percent in its economy next year, said a leading Russian official Monday.

The prediction was given by Russian Economic Development Minister Alexei Ulyukayev while addressing a joint meeting of Russian and Belarusian ministries of economic development held at the Belarusian port city of Brest.

Ulyukayev made the prediction based on the average oil price standing at 60 U.S. dollars per barrel, according to an online version of his speech posted at the website of the Russian Economic Development Ministry.

The Russian official also said the decline of inflation rate indicated improvement in Russian economy, predicting that inflation would slow down to 15.7-15.8 percent by Aug. 1

"We think that the inflation rate will range between 10-10.5 percent at the end of this year, and by the end of the first quarter of 2016, according to our forecast and the forecast of the Central Bank, it will be back to 7 percent," said Ulyukayev.

The minister was confident that the economic situation in Russia is getting better and the month-on-month recession is almost over.

"We estimate that the economic drop would be 3.4 percent in the first half and 4.4 (percent) in the second half of this year," Ulyukayev said. "We assume this is probably the lowest point."

Many Western countries have imposed sanctions on Russia over its alleged "destabilizing role" in the Ukrainian crisis.

In January, Russia adopted a 38-page anti-crisis austerity plan in hope of ensuring economic development and social stability amid unfavorable economic conditions.

On June 22, the European Union decided to extend anti-Russian sanctions by six months until Jan. 31, 2016, to ensure Moscow fully implements Ukraine peace accords. Endite