Putin visits ice cave during Arctic tourSociety & Culture March 30, 0:02
Putin orders Defense Ministry and FSB to ensure protection of Russia’s interests in ArcticMilitary & Defense March 29, 21:46
Kiev aware of few chances to win in debt lawsuit case — envoyBusiness & Economy March 29, 20:52
Russian top diplomat dismisses claims about human rights violations in Crimea as liesRussian Politics & Diplomacy March 29, 20:23
Moscow suspects Jabhat al-Nusra could be used to topple AssadRussian Politics & Diplomacy March 29, 19:58
Lavrov reiterates there are no facts substantiating Iran’s links to terroristsRussian Politics & Diplomacy March 29, 19:40
Russia to upgrade helicopter protection system based on Syrian experienceMilitary & Defense March 29, 19:00
Lavrov says Ukrainian president wants to bury Minsk agreementsRussian Politics & Diplomacy March 29, 18:57
FIDE executive says Ilyumzhinov himself to blame over media buzz on his resignationSport March 29, 18:46
WASHINGTON, December 9. /TASS/. The World Bank has reduced its economic outlook for Russia to a contraction of 0.7% in 2015 and a 0.3% growth in 2016 to reflect a further decline and increased volatility in global oil prices, the bank said in a statement on Tuesday.
The new baseline scenario assumes an average oil price of $78 per barrel for 2015 and of $80 per barrel for 2016.
“In the baseline scenario, investment is projected to contract for a third year in a row in 2015, because of continued uncertainty, restricted access to international financial markets by Russian companies and banks, and lower consumer demand,” Birgit Hansl, World Bank Lead Economist for Russia, said.
“For companies in the natural resource sector, lower oil and commodity prices are expected to negatively affect investment decisions. For the first time since 2009, consumption growth is expected to decline, following a negligible expansion in 2014.”
The lower-case scenario assumes an average oil price of $70 per barrel in 2015 and $72 per barrel in 2016. In this scenario, the Russian economy is projected to contract by 1.5% in 2015, before expanding mildly by 0.3% in 2016, the bank said.
The uppercase scenario assumes an average oil price of $85 per barrel for 2015 and $90 per barrel for 2016. At these prices, the Russian economy is expected to avoid a recession in 2015 and to achieve an expansion of 0.5% in 2016, the authority said.