World Bank lowers Russia's GDP forecast

World Bank lowers Russia's GDP forecast

The World Bank said it had lowered its forecast for annual economic growth in Russia this year to 1.4% from a projection in January of 1.5%.

“A downgraded forecast for gross domestic product growth in 2019 reflects lower oil prices; the medium-term outlook remains modest,” Reuters cited the World Bank as saying.

Real GDP growth exceeded expectations last year, reaching 2.3%, but the rise was largely due to “one-off effects in non-housing construction”, the international financial institution said.

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