World Bank improves Russia’s GDP growth outlook to 1.7% in 2018

LONDON, Jan 10 (PRIME) -- The World Bank has improved its outlook for Russia’s gross domestic product (GDP) growth to 1.7% from 1.4% in 2018 and to 1.8% from 1.4% in 2019 due to a significant rise in oil prices in July-December 2017, it said it its January 2018 Global Economic Prospects report on Wednesday.

The 2017 Russia’s GDP outlook was upgraded to 1.7% from the 1.3% projected in June, and the 2020 outlook remains unchanged at 1.8%.

The country’s economy has benefited from higher oil prices and a generally favorable global economic situation, the World Bank’s chief economist Francesca Onsorg told PRIME.

The organization projects the oil price at U.S. $58 per barrel in 2018 and $59 per barrel in 2019, slightly higher that its previous forecast.

Global economic growth is forecast to accelerate to 3.1% in 2018 and 3% in 2019 due to larger of investment, industrial production and trade, the World Bank said.

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