Abstract
The results of H1 2017 on the one hand support the previous assumptions that the Russian economy is entering a growth phase, and on the other hand provide evidence of elevated uncertainty regarding the terms and prospects of economic development in the future. We expect that key macroeconomic indicators will be positive in the next 2.5 years, as well as the inflation target will be achieved. However, extremely low economic growth rates coupled with a tenuous external environment are posing high risk of loss of federal budget revenues.
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