Forbes: Russian Economy Ready to ‘Be Back on Its Feet’

PHOTO by Alexander Ryumin / TASS
After years of economic recession caused by Western sanctions, Russia is ready to restart its economic growth, according to Forbes

The newspaper noted that the Russian Ministry of Economic Development has changed the industrial production outlook in 2016 to 1% in comparison with 0.4% from the previous year.

Rosstat, a national statistics bureau, stated that industrial production for the first 11 months of 2016 increased by 0.8%.

Quoting Finance Minister Anton Siluanov, Forbes wrote that the Russian economy could surprise next year by accelerating growth to 1.5%. Siluanov also added that the government is working on a “set of measures to further support growth and accelerate it.”

According to Forbes, rising oil prices, the sale of a 19.5% stake in Rosneft and a potentially friendlier policy towards Russia under US President-elect Donald Trump’s incoming administration will have a positive impact on growth dynamics.

“Russia’s ‘big bang’ may look more like those old school wooden pop guns; pull the trigger and out comes a flag with the word “bang” on it,” Forbes wrote. “It is crawling into 2017 after being beaten up for two years. But it looks like the Russian economy will be back on its feet.”