Analysts of the international rating agency Moody's informed that they did not found any signs that the import substitution policy stimulates the domestic commodities production in Russia, with the exception of the food industry, reported the new Global Macro Outlook of the Agency.
According to the report, the machinery and equipment manufacturing sectors are declining rapidly. By the end of 2015, the production volumes in the country will not likely exceed the same indices as of the beginning of the crisis.
In addition, when the level of real earnings of the Russian population stabilizes, and the demand starts increasing, the level of imports is likely to grow again, the analysts said.
As a reminder, three months ago in the previous Global Macro Outlook, Moody's analysts characterized the Russian import substitution efforts as “a push for growth”. At the same time, they pointed out that the low petroleum prices, weak RUR/USD exchange rates, and the geopolitical uncertainty, will have a negative impact on the demand level in Russia.
