Ministry of economic development raised its forecast for Russian economic growth for three years

Ministry of economic development has improved the macroeconomic forecast for the next three years, raising the assessment of economic growth and the ruble exchange rate amid the improving dynamics in oil prices, reports Reuters with reference to the materials of the Ministry.

«The economy Ministry expects the average price of Urals oil at the end of 2017 will be about $ 49 per barrel, falling to 43.8 per dollar next year, follows from materials of Department. Earlier, the Ministry predicted the price of oil in 2017-2018 45.6 per dollar and 40.8 per barrel», — writes the Agency.

Moreover, as noted by Bloomberg, citing an article by Reuters forecast the price of oil in 2019-2020 remains of 41.6 and 42.4 percent, respectively.

Ministry of economic development has improved the forecast on growth of Russia’s GDP in 2017 from 2% to 2.1%, and also revised with an increase in the growth forecast for the economy of the country in the next three years to 2.1% in 2018, 2.2% in 2019, 2.3% in 2020. The April forecast of the Ministry included the rate of growth of the Russian economy in 2018-2020 1.5%.

In addition, the Ministry has revised the average annual dollar exchange rate in the current year from 64.2 to 59.7 ruble rubles, in 2018 — 69,8 64,7 ruble to ruble in 2019 — with 71.2 66.9 ruble ruble, in 2020 — from 72.7 rubles to 68 rubles.