Vnesheconombank Deputy Chairman Andrei Klepach made this announcement to journalists on the side-lines of the Russian Investment Forum in Sochi.

As PRIME news agency reports, Vnesheconombank Deputy Chairman Andrei Klepach, who was the chief forecaster for the Ministry of Economic Development last year, expects Russian GDP to expand by 1.2% in 2017 and believes growth could accelerate to 3% in 2018–2019.

“For now I think it will be 1.2%”, Klepach told journalists on the side-lines of the Russian Investment Forum in Sochi when asked about a forecast for Russia’s GDP growth in 2017.

Asked whether Russia would manage to achieve the planned growth of 3% in 2018–2019, he noted, “There is potential for that”.

For comparison’s sake, the World Bank has predicted Russia’s GDP will grow 1.5% in 2017 and 1.7% in 2018.