Russian Economy Likely To Grow 1.6%, Inflation To Reach 4% In 2018 -Accounts Chamber Chief

MOSCOW (UrduPoint News / Sputnik - 21st November, 2018) The Russian economy will grow only by 1.6 percent this year instead of the forecasted 2.1 percent, while inflation will stand at some 4 percent, Russian Accounts Chamber Chairman Alexei Kudrin said Wednesday.

"I will say that despite the fact that the price of oil has increased significantly in the forecast, the growth forecast is reduced from 2.1 percent to 1.8 percent.

But I think it will be even lower, somewhere around 1.6 percent. At the same time, despite the improvement in foreign economic conditions, the economy is no longer responding to this, " Kudrin said at a session of the Russian upper house Budget and Financial Markets' Committee.

The official went on to say that the forecast for inflation has been increased to 3.4 percent, but instead it will grow even higher, to some 4 percent in 2018.