World Bank lowers Russia 2018 economic growth forecast

FILE PHOTO: People cross a road, with the Vostok or East tower (2nd R), part of the Federation complex in the "Moscow City" business district, seen in the background in Moscow April 3, 2012. REUTERS/Denis Sinyakov

MOSCOW (Reuters) - The World Bank on Wednesday lowered its forecast for Russia’s economic growth in 2018 to 1.5 percent from 1.7 percent and warned Russia faces more years of modest economic prospects.

The World Bank said in a regular report it expected Russia’s economy to grow between 1.5 and 1.8 percent a year in 2018-2020.

The bank said, however, these forecasts could be revised in the near term because of changes in prices for oil, Russia’s key exports.

“Relatively high oil prices, continued momentum in the global economic growth and macro stabilization would support growth,” the World Bank said, referring to the Russian economy.

Reporting by Andrey Ostroukh; editing by Vladimir Soldatkin