MOSCOW: The International Monetary Fund cut its economic growth forecast for Russia on Tuesday, predicting in its World Economic Outlook that Russia's economy would contract by 1 percent in 2016.
That compares with the IMF's previous forecast of a 0.6 percent contraction made in October, before a renewed slide in oil prices that has further weakened Russia's export earnings.
The growth downgrade follows a similar one by the World Bank, which predicts Russia's economy will contract by 0.7 percent in 2016.
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