Investment activity in Russia will start to recover only in the second half of 2017, said the Minister of economic development Alexei Ulyukayev. He stated in a speech at the investment forum “Russia calling!”.
“There are several reasons. This causes and resources, but first and foremost is the lack of transparency for investors immediate economic future,” Ulyukayev said (quoted by “RIA Novosti”).
The Minister noted that the recovery in investment activity will start some time after the transition of the Russian economy in the growth zone, which is due to begin in October-December 2016.
“We proceed from the fact that with low inflation we will have a more significant economic growth, in 2017 more than 1-1,2% and over 2%,” — said the Minister of economic development.
The gradual return of the economy to growth, according to the speaker, will be accompanied by a “very weak growth in consumer spending.” However, at the end of the year, retail trade turnover in Russia will be reduced by more than 5%.
Signs of recovery in consumer spending noted and present at the forum “Russia calling!” the head of the Bank of Russia Elvira Nabiullina. However, the head of the Central Bank stressed that the consumption growth rate must not exceed the rate of growth of nominal income, so as not to accelerate inflation. “Consumption should grow at a rate that does not lead to higher inflation, not creating a bubble”, — said the head of the Central Bank.