World Bank Lowers Russia's 2019 GDP Growth Forecast To 1.2% Amid Oil Production Cuts

World Bank Lowers Russia's 2019 GDP Growth Forecast to 1.2% Amid Oil Production Cuts

The World Bank lowered its forecast for Russia's annual gross domestic product (GDP) growth for 2019 from 1.4 percent to 1.2 percent due to the decline in oil production, a new report reveale

WASHINGTON (Pakistan Point News / Sputnik - 05th June, 2019) The World Bank lowered its forecast for Russia's annual gross domestic product (GDP) growth for 2019 from 1.4 percent to 1.2 percent due to the decline in oil production, a new report revealed.

"In Russia, the projection for 2019 has been downgraded to 1.2 percent, reflecting oil production cuts," the report stated. "Tighter monetary policy, combined with a value-added tax hike at the beginning of 2019, are also contributing to weaker growth momentum in the remainder of 2019."