In 2014 we see continued political risks.Economic downturn may be deeper than previously expected. In particular, industrial output may be lower due to suspension of work and logistical difficulties, while agricultural output may suffer from decreased spending.
In 2015 we project economic growth to be driven by exports and increased investment from demand side. On thesupply side we expect diversified recovery, which might be often not sufficient to offset losses suffered in 2014. Industry and transport are expected to lead recovery. Exchange rate and inflation are expected to be less volatile in the next year reflecting limited inflation pressure and moderate increase in capital inflows.