Report: Goldman Sachs eyes Russia’s 2016 GDP growth at 0.5%

MOSCOW, Apr 8 (PRIME) -- U.S. investment bank Goldman Sachs has worsened its forecast for growth of Russia’s gross domestic product (GDP) in 2016 to 0.5% from 1.5%, Bloomberg reported Friday quoting a research note.

The investment bank now expects GDP to grow by 1.5% on the year in January–March 2017, the agency said.

On Wednesday, the World Bank worsened its forecast of Russia’s 2016 economic decline to 1.9% from 0.7% and of economic growth in 2017 to 1.1% from 1.3% due to low oil prices.

In March, Russia’s central bank also worsened its baseline economic forecast to a 1.3–1.5% fall on condition that the oil price averages $30 per barrel in 2016. The central bank expects growth to pick up on the quarter in late 2016–early 2017.

In 2015, Russia’s GDP decreased 3.7%.

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