Russia is over the worst
GDP is picking up, partly thanks to higher oil prices. But reforms are needed to consolidate the gains
Russia's economy is recovering from recession, but is stuck in second gear because growth can't really take off without structural reforms and major investment. A recovery in oil prices has helped drag Russia out of a two-year downturn-its longest in two decades—while improvements have been detected in the real economy in agriculture, industry, cargo transportation and non-residential construction. But household income, spending habits and consumption remain under severe pressure. In late March, finance minister Anton Siluanov upgraded the country's growth outlook for 2017 to 1.5-2% from 0.6%. "On the whole, we agree that the economy will be growing faster than initially expected," he said.
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