The most the Russian economy could expand by this year is 2%, Aide to the Russian President Andrei Belousov is quoted as saying by TASS news agency.

Economic growth of 2% in 2017 “is the maximum possible amount”, Belousov said when asked whether he agreed with the forecast presented by the Ministry of Economic Development about 2% growth in the Russian economy this year.

Russian Minister of Economic Development Maxim Oreshkin, four months following his appointment, previously presented a more optimistic updated forecast for Russia’s socioeconomic development until 2020 in which the ministry improved its expectations for growth in GDP, investment, and industrial production. According to the new forecast, GDP will grow 2% in 2017 with an average annual exchange rate of RUB 64.4/USD 1 versus the previous forecast of RUB 67.5/USD 1, while inflation will hit its target of 4% in May and then decline to 3.8% by the end of the year.

“The Russian economy has started 2017 on a positive note”, Oreshkin said while presenting the new forecast. “We can confidently say that a phase of active growth has begun”.