World Bank issues Russian economy forecast

Credit: Aleksandr Demyanchuk | RIAN

The World Bank issued a more negative forecast for the Russian economy in 2019. Economists concluded that Russia’s GDP will only grow by 1.5%.

World Bank experts earlier predicted a 1.8% growth for Russia’s GDP in 2019. However, the decision was made to review the forecast. The Russian economy will only achieve the 1.8% increase in 2020 and 2021. Increasing the economic growth rate significantly (to 3%) will become possible not sooner than in 2028. Meanwhile, the global economy will be growing faster in 2019, with the world GDP increasing by 2.9%.

World Bank economists also issued a more negative forecast for oil prices. They expect that oil will cost $67 per barrel in 2019. Six months ago the prognosis was $69.

The World Bank also announced that China’s economic growth is slowing down. China’s GDP will increase by not more than 5.2% in 2019. The economic growth in South Asia will be faster, 7% on average. Indonesian economy is expected to grow by 5.2%. Thailand’s GDP will increase by 3.8%.

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