MOSCOW(Sputnik) — Russia's GDP is expected to contract by 1.9 percent in 2016, before a weak growth resumes in 2017, a spring economic forecast by the European Commission said Tuesday.
"GDP is expected to fall by 1.9% in 2016 and to grow very modestly in 2017 (by 0.5%) due to gradually subsiding geo-political tensions, a slight rebound in oil price and the central bank resuming a monetary easing cycle," the report reads.
"The outlook for global GDP growth has weakened further as major advanced economies also slowed, and expectations of a modest pick-up are subject to a high degree of uncertainty. The world economy is expected to grow by 3.1% in 2016 and 3.4% in 2017," the report reads.
It attributed the slow pace of the gross domestic product growth globally to a slowdown in emerging markets, saying growth outside the European Union fell last year to its slowest rate since 2009.
The previous Commission's outlook for global growth stood at 3.3 percent in 2016 and 3.5 percent in 2017.