The World Bank said it had lowered its forecast for annual economic growth in Russia this year to 1.4% from a projection in January of 1.5%.
“A downgraded forecast for gross domestic product growth in 2019 reflects lower oil prices; the medium-term outlook remains modest,” Reuters cited the World Bank as saying.
Real GDP growth exceeded expectations last year, reaching 2.3%, but the rise was largely due to “one-off effects in non-housing construction”, the international financial institution said.