MOSCOW, December 22. /TASS/. US bank JP Morgan has increased the forecast of the Russian economy contractions in 2015 to 3.3% from 0.8%, the bank said in a report Monday.

The forecast for the country’s economy contraction in 2014 is kept at 0.6%.

According to JP Morgan, Russia’s inflation will reach 10.1% in 2014 and 9.2% in 2015.

Russia’s Economic Development Ministry expects the country’s уconomy to rise 0.6% in 2014 and fall 0.8% in 2015.

On December 1, Economic Development Minister Alexey Ulyukayev said Russia’s 2014 inflation will not exceed 10%. According to the Federal State Statistics Service, inflation rose 9.4% since January 1 as of December 15.