The World Bank downgraded Russia's economic projections for 2016 and 2017 as the economy continues to adjust to an adverse external environment of lower oil prices and international sanctions.
In the latest Russia Economic Report, the Washington-based lender forecast the region to contract 1.9 percent this year, before growth resumes at a modest rate of 1.1 percent in 2017. In 2015, real GDP shrank 3.7 percent.
In a report released last December, the bank had projected 0.7 percent contraction this year and 1.3 percent growth for 2017.
The World Bank expects that the Russian economy faces a long journey to recovery.
The bank noted that the continuing recession is projected to partially reverse Russia's recent progress in alleviating poverty and promoting shared prosperity.
The poverty rate is expected to increase to 14.2 percent in 2016 from 13.4 percent in 2015.
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