OECD improves Russia’s 2016 GDP fall outlook to 0.8%

MOSCOW, Nov 28 (PRIME) -- The Organization for Economic Co-operation and Development (OECD) has improved its forecast for contraction of Russia’s gross domestic product (GDP) in 2016 to 0.8% from 1.7%, as seen by PRIME on Monday in the organization’s forecast.

The OECD also increased its forecast for the country’s 2017 GDP growth to 0.8% from previously expected 0.5%.

In 2018, the organization expects Russia’s economy to rise 1%.

The Russian Economic Development Ministry forecasts a 0.6% GDP decline in 2016, a 0.6% increase in 2017, and to rise 1.7% in 2018.

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