World Bank Downs Russia’s GDP Growth Forecast to 1.5%

25 May 2018 (09:31)

UrBC, Moscow, May 25, 2018. The World Bank adjusted its forecast for Russia’s GDP for the year 2018 from 1.7% down to 1.5%, Prime refers to the bank’s recent report as stating.

It is explained that the forecast had to be adjusted due to the country’s unimpressive economic growth in the second half of 2017 and the uncertainty that recent economic sanctions bring. The forecast for 2019-2020 has remained at around 1.8%.

The forecast for Russia’s GDP growth in 2018 had to get decreased somewhat (down to 1.5% a year) because of the economic effects of the poor performance in the second half of 2017 and the below-expected GDP figures in the first quarter of 2018. This is all further intensified by the uncertainty stemming from a new set of sanctions, the report states.

According to the World Bank, the country’s short-term forecast might get adjusted due to changing oil prices: these are expected to come to $65 per barrel in 2018-2019 and to $66 per barrel in 2020.

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