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Moody's in the global macro-economic forecast for 2016 - 2017: "We expect that the Russian economy in the second half of this year will begin to exit from the recession, due to lower oil and gas prices and, consequently, a fall in GDP and a sharp devaluation of the ruble"
According to analysts, import substitution policy had a positive impact on improving the performance of a number of manufacturing industries (such as agriculture and the chemical industry), which, in turn, has led to growth of industrial production by 1.7% year on year. "The outlook revision reflects the growth of Russia and these events are testament to the fact that the restructuring of the Russian economy is faster than we expected before"..
The agency has improved the outlook for the Russian economy to -0.5% in 2016 and +2% in 2017. Earlier, Moody's analysts expect the reduction of Russia's GDP by an average of 1.5% in 2016 and moderate growth in 2017.
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