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IMF downgrades Russia’s economic contraction forecast to 1% from 0.6% — sources

January 15, 13:40 UTC+3 WASHINGTON
According to the sources, those are figures from the updated report on economic outlook due to be officially presented in London on January 20
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© Sergei Fadeichev/TASS

WASHINGTON, January 15. /TASS/. The International Monetary Fund (IMF) has downgraded its forecast for Russia’s economic contraction in 2016 to 1%, sources familiar with the matter told TASS. For 2017 the IMF expects the Russian economy to grow by 1%.

According to the sources, those are figures from the updated report on economic outlook due to be officially presented in London on January 20.

Last year the IMF expected Russia’s economy to contract by 0.6% in 2016.

Meanwhile, for 2015 the Fund forecasted a 3.8% contraction. According to its updated forecast, Russia’s economy contracted by 3.7% last year.

Last week the World Bank published its reviewed forecasts, which say the Russian economy will contract by 0.7% in 2016 and grow by 1.3% in 2017.

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