Low oil prices, economic sanctions, political isolation and capital outflows have made for a torrid couple of years for Russia’s economy, but the country’s finance minister has told CNBC that the worst is now over.
“We see that growth rates of the economy are improving, to be more precise, the slowdown of the last year was a contraction (in gross domestic product) of 3.7 percent and this year we are expecting a contraction of 0.3 percent,” Anton Siluanov told CNBC on the outskirts of the International Monetary Fund (IMF) and World Bank spring meetings in Washington D.C.
“We expect growth rates to be restored at the end of the year,” he added.
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