Russian economy shows moderate growth – OECD

Russian economy shows moderate growth – OECD

Russia’s economy is showing signs of recovery, the Organization for Economic Cooperation and Development (OECD) said in its interim report, which sees most major economies also expanding, although at a slower pace.

Signs of moderating pace of growth have emerged in Russia,” the Paris-based organization said in its latest report on economic development covering the period from March to July 2021, published on Tuesday.

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The report says that according to data supplied by its 32 member countries and six major non-member economies, most economies have demonstrated signs of moderate growth in the reporting period, with China and India both maintaining a steady pace.

Signs of moderating pace of growth at above-trend level [were shown by] the United States, Japan and Canada,” the report states, observing similar trends in the UK and the broader euro area, including Germany and Italy. France is lagging behind, with its growth rate not reaching the general indicators, the OECD states.

However, according to the OECD data, the rapid recovery shown by most major economies after the easing of Covid-19 restrictions has somewhat slowed in the reporting period, as new virus variants have impacted consumer spending, with people in a number of countries still reluctant to eat out, travel, and shop at the same level as before the pandemic.

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Despite the gradual lifting of COVID-19 containment measures in some countries and the progress of vaccination campaigns, persisting uncertainties might result in higher than usual fluctuations in [OECD assessments],” the organization states, warning that its valuations at the moment should be viewed more as signals than accurate indicators of economic activity.

The OECD takes data for its assessment of economic growth from a number of sources, including business and consumer surveys, retail sales data, wage growth and international trade flows, employment and manufacturing output figures, as well as services and construction sectors data.

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