15:12 GMT27 November 2020
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    Some positive improvements are seen in economic activity in the country slows down, International Monetary Fund (IMF) Mission Chief Ernesto Ramirez Rigo stated on Wednesday.

    WASHINGTON (Sputnik) — Some sectors of Russian economy are undergoing positive improvements as the contraction of economic activity in the country slows down, International Monetary Fund (IMF) Mission Chief Ernesto Ramirez Rigo stated on Wednesday.

    "It is clear that the contraction in economic activity has slowed, and there are some sectors of the economy that are showing signs of positive improvements, especially the areas benefitting from the currency depreciation like the agro industry," Rigo said in an IMF Survey article.

    Ramirez Rigo noted that the other sectors of the Russian economy seeing positive tendencies due to the more competitive exchange rate include plastics, some pharmaceutical companies and the petro-chemical industry.

    However, Ramirez Rigo also said the positive signs are not widespread enough.

    "What is very difficult to tell at this point is whether Russia has already reached the recovery phase," he added.

    The Russian economy suffered a setback in 2014, as the ruble lost about half of its value against the dollar amid low global oil prices and Western economic sanctions imposed against Russia over the Ukrainian crisis.

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    Tags:
    economy, International Monetary Fund, Russia
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