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World Bank reduces Russian economic growth forecast in 2013

Russian economic growth rate from 1.8% to 1.3%

MOSCOW, December 15, (ITAR-TASS). The World Bank has reduced the last September’s forecast of Russian economic growth rate from 1.8% to 1.3% in 2013, the official website of the bank reported.

The forecast was changed, because the growth of the domestic demand turned out to be lower than the expected one and the restoration of the amount of investment in country’s economy is delayed along with simultaneous slowdown of consumption growth rate.

The Russian economic growth forecast for 2014 is reduced. The World Bank forecasts the country’s economic growth rate at the level of 2.2 percent in 2014 and 2.7 percent in 2015, World Bank’s chief economist for Russia Birgit Hansl stated.

The main factor that made the World Bank reduce the Russian economic growth rate forecast for 2014 from 3.1 percent to 2.2 percent is that the restoration of the amount of investment in country’s economy is slower than it was expected, the World Bank noted.

The Russian economic growth forecast was reduced from 1.8 percent to 1.4 percent in 2013, Russian Minister of Economic Development Aleksey Ulyukayev told reporters in early December. The Russian Ministry of Economic Development has decreased the Russian economic growth forecast from three percent to 2.5 percent in 2014 and from 3.1 percent to 2.8 percent in 2015. The country’s economic growth is expected at 3,3 percent in 2016.

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