World Bank: Russian economic growth forecast to 1%

World Bank: Russian economic growth forecast to 1%

The World Bank said it has lowered Russia’s economic growth forecasts for this year to 1% from 1.2%, revising down the country’s economic outlook for the fourth time so far this year.

The World Bank’s revision of Russia’s gross domestic product growth forecast brings it closer to the assessment of the Bank of Russia that lowered GDP growth outlook to 0.8-1.3% last month.

“The slowdown stems from multiple factors, which are compounded by the continuation of international economic sanctions," Reuters cited the World Bank as saying.

The World Bank, in a report on Europe and Central Asia, also said it has lowered Russia’s 2020 GDP growth to 1.7% from 1.8% predicted earlier.

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