IMF lowers Russian economic fall forecast to 1.8% in 2016

WASHINGTON, Apr 12 (PRIME) -- The International Monetary Fund (IFM) has lowered its forecast of Russia’s economic fall in 2016 to 1.8% from 1% expected in January, according to a World Economic Outlook report published on Tuesday.

There is uncertainty concerning future economic growth in Russia, the IMF said.

The fund has also lowered economic forecast for the CIS countries: now it believes the economies will contract 1.1% in 2016 due to the economic decline in Russia and rise 1.3% in 2017 compared with an earlier expected stagnation in 2016 and a 1.7% increase in 2017.

OIL PRICE AVERAGING $35 IN 2016

The IMF has also lowered an oil price forecast for 2016 and 2017. The authority expects that global oil prices will average U.S. $34.75 per barrel in 2016 and increase to $40.99 in 2017. In 2015, oil prices fell 47.2% on the year to $50.79.

In October 2015, the authority expected that an average oil price will increase to $55 per barrel in 2017.

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