Russia’s GDP growth forecast for 2016 upgraded by 0.7% - World Bank

Jun 07, 2016 12:00 AM

The forecast for the 2016 GDP growth in Russia has been revised upwards by 0.7 percent, and upgraded by 0.3 percent for 2017, the World Bank said in the Global Economic Prospects report on Tuesday.

The World Bank’s data showed that Russia’s GDP will stay at negative 1.2 percent in 2016, and will enter positive territory and reach 1.4 percent growth in 2017.

In April, the World Bank expected the Russian GDP to contract 1.9 percent in 2016, and reach 1.1 percent growth in 2017.

The Russian economy suffered a setback in 2014, as the ruble lost about half of its value against the US dollar amid low global oil prices and Western economic sanctions imposed against Russia over the Ukrainian crisis.

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