World Bank Forecasts 1.6% GDP Growth For Russia In 2018, 1.5% In 2019 - Report

The World Bank is expecting Russia's GDP growth to be at 1.6 percent in 2018, 1.5 percent in 2019 and 1.8 percent in 2020, according to the report released Tuesday.

MOSCOW (UrduPoint News / Sputnik - 04th December, 2018) The World Bank is expecting Russia's GDP growth to be at 1.6 percent in 2018, 1.5 percent in 2019 and 1.8 percent in 2020, according to the report released Tuesday.

In its May report, the World Bank expected the GDP growth in Russia to be at 1.5 percent in 2018, 1.8 percent in 2019 and 2020.

"Overall growth for 2018 is expected a notch above 2017, at 1.6 percent ...

In 2019, we expect growth to slow down slightly to 1.5 percent ... In 2020, we expect GDP growth in Russia to accelerate to 1.8 percent," the latest report said.

The World Bank estimated that the goal of reducing poverty in Russia by half by 2024, set out in a presidential decree in May, "could be achieved even under a scenario of 1.5 percent annual growth."

"This can be done via additional redistribution, for example, in terms of social assistance and transfers," the report said.