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Russia's economy has withstood shocks of sanctions and cuts in oil prices, reads the statement of the International Monetary Fund made during the IMF delegation's visit to Russia.

Russia’s economy takes an advantage of growing. It is expected that in 2016, the economy will decline by 0.6%, but, thanks to rising prices (including oil) in 2017 the economy will grow by 1.1%.

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At the same time, Russia, in order to conform with lower oil prices in the long term, plans to freeze nominal government spending till 2020. IMF welcomes this step and calls for further reforms in pension and tax systems.

Inflation continues declining by the end of 2016 and is expected to be at the rate of 5.6 percent (i.e. is close to the targeted 4%). A small reduction in deficit of payments balance is expected, since imports continue to grow rapidly over exports. It takes place also because non-traditional (non-oil) exports have not yet taken advantage of the weakening of ruble.

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