WB: Russia's economic growth accelerates to six-year high
Russian economic growth accelerated to a six-year high of 2.3% in 2018, despite tightened economic sanctions and pressure on financial markets, according to the World Bank's report.
The report found that acceleration was supported by increased oil prices, solid contributions from net exports, energy-related construction projects, and hosting the World Cup.
At the same time, the World Bank lowered its forecast for Russia's annual gross domestic product growth for 2019 from 1.4% to 1.2% due to a decline in oil production.
"In Russia, the projection for 2019 has been downgraded to 1.2%, reflecting oil production cuts. Tighter monetary policy, combined with a value-added tax hike at the beginning of 2019, are also contributing to weaker growth momentum in the remainder of 2019," the report reads.