According to the projections, the Russian economy will grow from a low point this year. Following two years of massive recession, Russian GDP will show moderate, one and a half percent growth in 2017, calculated by the analysts assuming a continued low, USD 50–60 oil price and maintained sanctions.
Russian economic shock
In the summer of 2014 the Russian economy was dealt two blows. The introduced EU and US sanctions and the steep fall of oil prices turned Russia’s economic indicators upside down in just a moment. The nominal GDP figures of the past two years expressed in USD show the magnitude of the shock that affected this country of 150 million people. Russia rapidly devalued its currency, the rouble, to reduce the impact of the shock. Thus, the nominal GDP figures in RUB show only a minor decline.
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