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World Bank improves outlook of Russia's battered economy

The Russian economy has been savaged by a fall in oil prices and Western sanctions imposed over the conflict in Ukraine, and the World Bank had previously forecast a contraction of 3.8 percent in 2015 and of 0.3 percent next yearThe World Bank on Monday said it saw some improvement in Russia’s battered economy, predicting it would shrink by 2.7 percent this year and return to growth of 0.7 percent in 2016. The Russian economy has been savaged by a fall in oil prices and Western sanctions imposed over the conflict in Ukraine, and the World Bank had previously forecast a contraction of 3.8 percent in 2015 and of 0.3 percent next year. “The revised forecast is largely driven by the adjustment in oil prices over the previous two months that is supporting the ruble exchange rate and a slightly faster retreat of inflation,” Birgit Hansl, World Bank lead economist for Russia, said in a statement.

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