OECD found out when Russian economy will improve

Photo

The Organization for Economic Co-operation and Development believes that the world economy slowdown in 2015 takes place largely due to the deterioration of the emerging economies, including Russia.

The Russian economy is in deep recession, but the situation can slightly improve if the energy prices don’t keep decreasing, according to the report on the state of the global economy made by the Organization for Economic Co-operation and Development (OECD).

According to the OECD, GDP will grow by 3% in 2015, which is well below the potential level. "In terms of GDP per capita, it will be the fifth consecutive year of the world economic slowdown," the economists of the organization say.

The world economy slowdown this year takes place largely due to the deterioration of the emerging economies, including Russia, the OECD notes. "The weakening demand for imports in China has hurt the exports and decreased the prices for the primary commodities. Some emerging economies are experiencing additional pressure due to certain domestic and international events. Brazil and Russia are going through deep recession combined with a relatively high inflation," the report stated.

However, the OECD predicts a revival of the global economy in 2016 mainly due to the ongoing gradual recovery of the developed economies.

"In 2016, the situation will be different for the key emerging markets: according to our forecasts, India will continue to grow steadily..., while the emerging economies based on the export of raw materials, such as Brazil and Russia, should experience some improvement in 2016 unless the prices for the primary commodities continue to fall," the authors of the report expect.

Text and pictures by RIA Novosti