World Bank improves Russia’s GDP fall forecast to 2.7% in 2015

MOSCOW, Jun 1 (PRIME) -- The World Bank has improved its forecast for Russia’s gross domestic product (GDP) contraction in 2015 to 2.7% from the previous estimate of 3.8%, the bank said in a press release Monday.

The bank expects that the country’s GDP will grow 0.7% in 2016 and 2.5% in 2017. The previous forecast implied a 0.3% contraction in 2016.

Russia’s Economic Development Ministry expects the Russian economy to fall 2.8% in 2015, but grow by 2.3% in 2016 and by 2.5% in each of 2017–2018.

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