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World Bank Trims Forecast for Russia’s GDP Growth in 2020

13 Jan 2020

• 13 Jan 10:25

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TheWorld Banksaid in its latest forecast Wednesday that the Russian economy is expected to grow by 1.6% in 2020 and by 1.8% in 2021, slightly less than the multilateral development bank previously expected,The Moscow Timesreports. The report puts the growth of Russia’s GDP this year at 0.1 percentage points lower from its previous outlook but kept its 2021 forecast intact. Russia’s growth is expected to receive support from stable oil production and the government’s $400 billion national investment program fueled by last year’s value-added tax (VAT) hike, the World Bank said. “Nevertheless, private investment remains tepid in the. Read more...