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Russian Economy to Contract by 1.5% in 2016 Due to Low Oil Prices

© AFP 2021 / MANDEL NGANThe seal of the International Monetary Fund is seen at the headquarters building in Washington, DC on July 5, 2015
The seal of the International Monetary Fund is seen at the headquarters building in Washington, DC on July 5, 2015 - Sputnik International
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International Monetary Fund (IMF) made several statements on the state of the Russian economy.

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WASHINGTON (Sputnik) — Russia’s economy will contract by 1.5 percent this year because of the low oil prices as well as weak household income growth, the IMF stated in a release on Thursday.

“Yet the recession is extending into 2016, with the economy expected to contract by about 1.5 percent due to lower oil prices, weak household income growth, and fiscal consolidation,” the release said.

The level of inflation in Russia is likely to reach 6.5 percent by the end of this year, the International Monetary Fund (IMF) said in a statement on Thursday upon concluding its mission to Russia.

"Inflation is expected to reach about 6.5 percent at end-2016 and fall further towards the central bank’s inflation target during 2017," the IMF stated.

The IMF and Russia’s financial sector representatives discussed ways to make the banking system stronger as well as improve its resilience, according to the press release.

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