"In the CIS, prospects are weak with near-zero growth expected in the Russian Federation," the UN said in a World Economic Situation and Prospects 2015 release.
The release said that in 2014 Latin American economies and the CIS countries experienced a sharp deceleration, while East Asian states faced only a mild slowdown and will remain the fastest-growing region globally.
Africa's overall growth is set to continue in the future, with the GDP growth of African countries reaching 4.6 in 2015 and 4.9 in 2016, compared to the earlier projected growth of 4.7 percent in 2014.
"Many developing countries and economies in transition appear vulnerable to a tightening of global financial conditions, as well as a further aggravation of geopolitical tensions and an escalation of the Ebola epidemic," the release said.
According to the release, the global economic situation continues to be at risk amid "extreme volatility" of oil prices that can affect both oil exporters and oil importers. The Ukrainian crisis and situations in Iraq, Syria and Libya contribute to the uncertainty in the global economic climate.
The Russian economy has been recently experiencing a slowdown in light of the declining oil prices that have dropped some 40 percent from June 2014. The Russian national currency, the ruble, has recently hit historic lows amid the economic unrest.
