IMF changes Russia’s 2015 economic growth forecast to 3% contraction

MOSCOW, Jan 20 (PRIME) -- The Russian economy will shrink 3% in 2015, the International Monetary Fund (IMF) said in a statement Tuesday revising its outlook from an earlier that implied a 0.5% gross domestic product growth.

The new forecast reflects both the effect of a sharp oil price decrease and of the geopolitical tensions, the IMF said.

The forecast for 2016 was also changed to a 1% contraction from a 1.5% growth.

The global economic growth outlook for this year has been changed to 3.5% from 3.8% because the forecast for the developing countries’ expansion was cut.

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