Russia: Why the Worst Is over for Our Economy

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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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.