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WB Downgrades 2013 GDP Forecast
18.12.2013 21:02
WB Downgrades 2013 GDP Forecast
Photo Credit: http://www.lawsofpakistan.com

The World Bank has downgraded its 2013 GDP forecast for Russia to 1.3 percent in a move that reflects flat demand and production output, says Vedomosti.

      According to the business daily, the international financial institution dropped its expectations from 1.8 percent from its September estimate.

      The change reflects a deteriorating macroeconomic situation in the country.

      In June 2013, Alexey Ulyukayev replaced Andrey Belousov as Economic Development Minister, but has so far failed to kick-start the economy.

      According to the IMF, Russia’s prospects “have been dampened by a weak external environment, some acceleration of capital outflows and declining equity prices and subdued investment”.

      Industrial output has been flat within the past ten months, and the privatization campaign announced earlier by the Medvedev cabinet has stalled amid a bleak economic outlook and reluctance of state corporations’ management to share their revenues and power with foreign players.

       




Author: Mikhail Vesely

Tags: Russia economy Russian GDP    

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