UN improved the Outlook for the economy of Russia and CIS countries for 2017

UN may 16. /Offset. TASS Oleg Zelenin/. UN experts have improved its forecast for the development of Russia’s economy and expect by the end of 2017 the country’s GDP growth by 1.5%. This is stated in the updated version of the report “world Economic situation and prospects”, prepared by the Department of economic and social Affairs (DESA).

In January the economists of the world organization predicted percent growth in GDP this year and 1.5% in 2018, presented In the may 16 report, the forecast for next year remained unchanged. In addition, DESA reviewed the assessment of the outcome of 2016: according to new calculations, the fall in Russia’s GDP amounted to 0.8% and 0.2%. As before, the report, Russia is considered as “countries in transition”.

Minor changes were made to the forecast of the UN experts on the economy of the CIS countries and Georgia. According to the report, this year, their combined GDP will grow by 1.7%, and in 2018 by 1.9%. Five months ago in DESA predicted growth of 1.4% and 1.8% in the current year and next year, respectively.

DESA forecast for other countries and regions has remained almost unchanged compared with the previous version of the report. At the end of this year, the UN experts expect a 1.8% GDP growth and a 1.7 percent increase in gross domestic product of the European Union. Strong growth continues in developing Asia, including in India (7.3 per cent) and China (6.5 per cent). The decline of the main economic indicator will change to almost zero growth in Brazil, while the combined GDP of Latin America and the Caribbean will increase by 1.1%.

Economists expect the UN global GDP in 2017 will grow at 2.7% and next year by 2.8%. In this regard, the DESA forecast has not changed compared to the January report.