The European Bank for Reconstruction and Development has cut its Russia forecast amid growing fears over a looming recession.

      According to the Financial Times, Russia’s 2013 GDP growth figures were slashed from 3.5 to 1.8 percent.

      Earlier, the Russian Ministry for Economic Development downplayed its optimism, too, by lowering its official forecast from 3.6 to 2.4 percent, and called for immediate reform.

      Experts say that mounting downturn symptoms have come as a surprise to Russian authorities.