World Bank preserves GDP growth expectations for Russia

The World Bank kept unchanged its GDP growth forecasts for Russia in its new Global Economic Prospects report published on Tuesday. The bank expects the Russian economy to grow by 1.5% in 2016 and 1.7% in 2018 after contraction of 0.6% in 2016, which is unchanged from the November report on the Russian economy. The forecasts are also in line with official expectations having in mind the current level of oil prices, while the budget for 2017 is based on conservative expectations for USD 40 oil price and GDP growth of 0.6%. The WB expects that growth will resume in 2017 as the economy adapts to the oil price shock. Unsurprisingly, the bank sees as main risk for the economy another decline in oil prices.

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