14:48 GMT +3 hours27 November 2014
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World Bank Lowers Russia GDP Growth Forecast

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The World Bank has lowered its forecast for Russia’s 2012 GDP growth to 3.5 percent from the previously projected 3.8 percent, the bank said in a report on Monday.

The World Bank has lowered its forecast for Russia’s 2012 GDP growth to 3.5 percent from the previously projected 3.8 percent, the bank said in a report on Monday.

The economic growth forecast for 2013 was also downgraded from 4.2 percent to 3.6 percent.

The World Bank’s adjusted GDP growth outlook for 2012 coincided with the Russian government’s forecast, but proved to be more pessimistic for 2013 than the 3.7 percent projected by the Russian Economic Development Ministry.

In 2011, the Russian economy grew by 4.3 percent.

“Despite a modest rise in oil prices, we project growth in Russia to decline from 4.3 percent in 2011 to 3.5 percent in 2012, and stay at 3.6 percent in 2013. The revision reflects the poor agricultural harvest and a weaker-than-expected global environment,” the report said.