“Russian economy is still unfortunately in the negative zone. There are several evidences of stabilization. We are expecting the growth recovery in 2016,” Nabiullina told the parliament.
According to Nabiullina, the Russian economy is stabilizing and coming to terms with the current global situation, however, it strongly needs the new measures for sustainable growth.
She added that the inflation rates are slowing due to the country’s monetary policy and to tail-end effects of the country’s currency devaluation.
Russia’s economic performance experienced a slowdown since mid-2014, due to a fall in global oil prices and several rounds of anti-Russia sanctions imposed by the West over Moscow’s alleged involvement in Ukraine’s internal conflict. The ruble lost about half its value against the dollar in the same period.
In January, the Russian government unveiled an anti-crisis plan to stabilize and improve the country's economy by 2017.
