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Presidential aide: World Bank Russian growth estimates understated

Andrei Belousov says the projection does not reflect the country’s potential and the opportunity it has to increase growth to 3% next year

Russian presidential aide Andrei Belousov ITAR-TASS/Alexei Nikolsky

Russian presidential aide Andrei Belousov

© ITAR-TASS/Alexei Nikolsky

MOSCOW, December 16. /ITAR-TASS/. Russian presidential aide Andrei Belousov says the World Bank's 1.3% forecast for Russian economic growth is understated. The downgrade forecast “followed adjustment of our own estimate”, he told Itar-Tass on Monday.

Belousov says the projection does not reflect the country’s potential and the opportunity it has to increase growth to 3% next year.

To reach this level, Russia needed to improve the business climate, law enforcement, infrastructure and the banking sector alongside cutting interest rates that were among the gravest drags on economic growth, the aide said.

These measures were mainly attainable over the medium term though some were possible at a faster pace, he added.

The World Bank on Sunday revised downwards its forecast of Russian economic growth this year from 1.8% to 1.3%. Revision also affected 2014 and 2015 estimates, cut to 2.2% and 2.7% respectively.

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