Russian economy returns to growth

Russian economy returns to growth

Russian economy returns to growth

After a deep decline, Western companies start increasing investments in Russia, according to Bloomberg.

World famous corporations such as Ikea and Leroy Merlin invest billions of dollars into factories and outlets they plan to built in Russia. Earlier this year Ikea already opened a factory in Nizhny Novgorod investing 60 million dollars.

“The last two or three years have been a disaster. Now, the situation is changing as the ruble exchange rate has stabilized and the Russian economy is forecast to return to growth soon,” said Frank Schauff, head of the Association of European Businesses in Moscow.

According to Central bank of Russia data the investments rose to $8.3 billion in the first 9 months this year against the $5.9 billion invested in all of 2015.

Photo