MOSCOW, Dec 9 (AFP): The World Bank on Tuesday predicted that Russia's economy would shrink by 0.7 per cent in 2015, but warned that the contraction would be worse if oil prices were to keep sliding.
The World Bank said its forecast is based on the "most likely" scenario of crude prices averaging at $78 in 2015.
But if oil prices fell to $70, Russia's output would shrink by 1.5 per cent, it said.
"In the baseline scenario, investment is projected to contract for a third year in a row in 2015 because of continued uncertainty, restricted access to international financial markets by Russian companies and banks, and lower consumer demand," Birgit Hansl, the World Bank's lead economist for Russia, was quoted as saying.
Russia\\\'s economy to contract 0.7pc in 2015: WB
FE Team | Published: December 10, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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