World Bank cuts Russian economy growth forecast for 2019 to 1%

MOSCOW, Oct 9 (PRIME) -- The World Bank has reduced the forecast for Russia’s 2019 gross domestic product (GDP) growth to 1% from 1.2% in its previous report in June, the organization said in a statement on Wednesday.

The forecast for 2020 was reduced to 1.7% from 1.8% and for 2021 kept at 1.8%.

According to the organization, weak investment and trade growth contributed, in part, to the economic rise, which was weaker than expected at the start of the year.

Production slowed down in the first half of 2019 due to contamination of the Druzhba oil pipeline and lower oil output in the framework of the OPEC plus nonmember oil production cut deal.

The Russian Economic Development Ministry forecasts a 1.3% growth of the country’s economy in 2019.

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