World Bank raises Russia’s 2018 econ growth outlook to 1.6%

MOSCOW, Dec 4 (PRIME) -- The World Bank has raised its forecast for Russia’s economic growth in 2018 to 1.6% from 1.5% and expects the economy to slow down to 1.5% in 2019 from 1.8% projected earlier, the bank said in a report Tuesday.

The World Bank retained its forecast for Russia’s economic growth in 2020 at 1.8%.

Economic growth is to slow to 1.3% by 2022, but can reach 3% by 2028 thanks to the reforms that are to begin in Russia, the bank said.

The World Bank also believes that Russia’s goal to reduce poverty by half by 2024 is achievable even at a low pace of economic growth if the government changes the social support system and turns to targeted assistance to those in need.

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