MOSCOW (Sputnik) – Industrial production in Russia for 2015 will not drop below 1.5 percent, Russian Economic Development Minister Alexei Ulyukayev said Monday during a United Russia presidium meeting in the lower house of parliament.
"We are now preparing proposals for a new medium-term forecast for the period 2016-2018, where we assume that 2016 will be the beginning of recovery growth," he said.
Russia's oil-dependent economy has seen a slowdown over the past year amid a global drop in oil prices. In addition, US and EU sanctions against Russia over its alleged involvement in the Ukrainian internal crisis have negatively impacted the economy.
In January, the Russian government presented an anti-crisis plan set to stabilize the country's economy, which stipulates deep spending cuts and aims to balance Russia's budget by 2017.
