The Turbulence in Oil Prices Does not Seem to Affect Russia’s Economy

OilThe current fluctuation in oil prices, coupled with the currency volatility as well as the Western sanctions does not seem to affect the already struggling economy in Russia. According to the Prime Minister, Arkady Dvorkovich, the main problem facing the economy in the country is the lack of funding for new projects.

Despite the 0.6 percent growth in the economy in 2014, the economy is expected to decline considerably this year. This is mainly because of the decline in oil prices, the sanctions on the country by the West and the underlying structural weaknesses in the country. This is expected to impact greatly on the business as well as consumer confidence.

Despite its earlier predicted decline, of 3 percent, this year, the International Monetary Fund changed its growth outlook for Russia to 3.8 percent this year. However, the prime minister still insists that the country is not likely to suffer this much. According to him, the country has sufficient reserves to withstand this turbulence, especially in the commodities market. Additionally, Dvorkovich mentioned that all these happenings give the countries agricultural and manufacturing a competitive edge, with regards to their pricing in the global market.

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John Miller is the main author of content here at 7 Binary Options. He’s also the brand’s lead investment consultant. He’s been working for 7 Binary Options since April 2014 and brings a wealth of knowledge and experience to his role. He’s played a crucial part in developing the site and helping it grow. In his role as writer and consultant, John’s keen to help others get ahead in the ever-changing world of binary options and forex trading. He’s always happy to advise others, whether it’s complete beginners learning the ropes or more experienced traders looking for some hints and tips. John certainly knows what he’s talking about. He graduated from California State University in 2008 with a Master’s Degree in Investments and Securities. Since entering the world of work, he’s continued to put his degree to use. He’s spent over a decade working in the investment banking sector and thanks to his foresight, skills and education, he’s in a prime position to offer help to others looking to start investing.