IMF worsens Russia’s 2019–2020 GDP growth forecasts

IMF worsens Russia’s 2019–2020 GDP growth forecasts

The International Monetary Fund has worsened its Russia’s 2010 gross domestic product growth forecast by 0.2 percentage points and 0.1 percentage point in 2020 to 1.6% and 1.7%, respectively, the IMF said in its World Economic Outlook.

The outlook was worsened due to reduction in the fund’s mid-term forecast of global oil prices. The fund slashed an expected average annual oil price in 2019 by U.S. $9.81 to $58.95 per barrel to and now expects the oil price to fall to $58.74 in 2020, Prime reported.

The IMF also cut its expectations for the combined global GDP increase by the same 0.2 percentage points in 2019 and by 0.1 percentage point in 2020 to 3.5% and 3.6%, respectively.

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