The Central Bank has improved its forecast for GDP growth in the third quarter of 2017, predicting that the Russian economy will grow between 1.3% to 1.8% instead of 1 to 1.5 %. The Ministry of Economic Development expects GDP growth of 2% in 2017.
Overall, the Russian economy is recovering slowly the economic crisis which started in 2015, that is reflected in the outbound travel statistics of Russians travelling abroad. According to the official statistics over 100,000 Russians visited the Dominican Republic from January to May 2017, 225% higher than the previous year. Malaysia also had an increased of 31.6% from Russian’s while flows to the Czech Republic increased by 45%. This means that Russian travel market is recovering after the crisis and people are have enough confidence to start spending their money again and are taking at least one foreign holiday.
Kazakhstan is also recovering after the economy bottomed out in 2016. The recovery is driven by three drivers: an increase in domestic crude production and higher global oil prices, investment from China’s ‘Belt & Road’ initiative, and a stronger currency with a reduction in inflation.Ђ Back to journal