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IMF cuts Russia’s GDP growth forecast

July 24, 2014, 19:32 UTC+3 WASHINGTON
Russia’s GDP growth outlook was downgraded to 0.2% from 1.3% for 2014 and to 1% from 2.3% for 2015
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© EPA/JIM LO SCALZO

WASHINGTON, July 24 /ITAR-TASS/. The International Monetary Fund has cut Russia’s economic growth forecast for 2014-2015 over weakening domestic demand amid rising geopolitical tension, according to the IMF’s updated world economic outlook published on Thursday.

Russia’s GDP growth outlook was downgraded to 0.2% from 1.3% for 2014 and to 1% from 2.3% for 2015.

“Activity in Russia decelerated sharply as geopolitical tensions further weakened demand,” the IMF report said.

“In Russia, investment is expected to remain weaker for longer, given geopolitical tensions,” the report said.

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