Russia’s economy is set to recover in 2017 – but the new state of affairs brings new challenges for the banking sector. After two years of recession, the Russian government and international organisations are forecasting a mild increase in gross domestic product for the year.
The International Monetary Fund (IMF) expects 1.4% growth in the country in 2017, putting the economy back to pre-2013 levels at constant prices. Economic growth is estimated to remain slow, with rates at similar levels going forward, but this still is a welcome change.