DAVOS, January 23. /TASS/. The International Monetary Fund (IMF) revised downward its forecasts on growth of the Russian economy in 2019-2020 because of lower oil prices and worsening of financial conditions, IMF Economic Counsellor Gita Gopinath told TASS on the sidelines of the World Economic Forum on Wednesday.

IMF lowered its forecast for Russia’s GDP growth to 1.6% in 2019 and 1.7% in 2020.

"The revision is because of the lower price of oil and tighter financial conditions," the counsellor said.

IMF also lowered its expectations in respect of the global economic growth to 3.5% in 2019 and 3.6% in 2020.