IMF Downgrades Russia's 2019-2020 GDP Projections To 1.6, 1.7%

The International Monetary Fund (IMF) has downgraded its projections for Russian economy growth in 2019 and 2020 by 0.2 and 0.1 percentage points to 1.6 and 1.7 percent respectively, including due to deterioration of the medium-term forecast for oil prices, the IMF said in a report on Monday

WASHINGTON (UrduPoint News / Sputnik - 21st January, 2019) The International Monetary Fund (IMF) has downgraded its projections for Russian economy growth in 2019 and 2020 by 0.2 and 0.1 percentage points to 1.6 and 1.7 percent respectively, including due to deterioration of the medium-term forecast for oil prices, the IMF said in a report on Monday.

In October, the IMF raised its projections for Russian economy growth in 2019 by 0.

3 percentage points to 1.8 percent. The projection for Russian GDP growth in 2020 also amounted to 1.8 percent.

The IMF analysts also expect less active GDP growth in the CIS countries this year - about 2.2 percent, a downgrade by 0.2 percentage points compared to projections made in October.

Economic growth in the CIS countries and Russia will be less rapid, in particular, due to the deterioration in the forecast of oil prices for the medium term, the IMF said.