Russian GDP to Grow by 1% in 2017 Amid 2.7% Growth of World Economy – UN Report

Russian GDP will grow by 1 percent in 2017 while the world economy will increase by 2.7 percent, the World Economy Situation and Prospects (WESP-2017) report of the UN Department of Economic and Social Affairs said.

MOSCOW (Sputnik) — According to the document, the Russian economy decreased by 0,8 percent in 2016. The report also said that the inflation rate in Russia in 2016 was 7.2 percent and is expected to fall to 6,6 percent growth in 2017 and 4,7 percent growth in 2018.

"In 2017, the economy of the Russian Federation is expected to register its first year of growth since 2014, as the country has largely absorbed the sharp terms-of-trade shock suffered in 2014-2015," the report said on Tuesday adding that the country's GDP will grow by 1 percent.

According to the report, the world economy will grow by 2.7 percent in 2017 and 2.9 percent in 2018.

The report said that the growth of the global GDP in 2016 amounted to 2.2 percent and the growth of the global trade – to 1.2 percent, which is the lowest rate since the 2009 recession. UN experts forecasted a year ago that the global economic growth would be 0.7 percent higher than the actual figure.

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