World Bank improves Russia’s 2016 GDP outlook to 1.2% fall

WASHINGTON, Jun 8 (PRIME) -- The World Bank has improved its forecast for Russia’s gross domestic product (GDP) in 2016 to a 1.2% decline from a 1.9% decrease projected earlier, the bank said in a report late Tuesday.

The forecast for 2017 was improved to a 1.4% growth from a 1.1% increase projected in April.

The bank also expects Russia’s GDP to grow 1.8% in 2018.

Russia’s Economic Development Ministry expects GDP to fall 0.2% in 2016 and rise 0.8% in 2017. In 2015, the economy contracted 3.7%.

The International Monetary Fund has recently improved its forecast for Russia’s GDP in 2016 to a 1.5% decline compared to a 1.8% drop expected earlier.

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