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IMF lowers Russian growth forecast on global headwinds

09-28-2011 10:52 BJT

WASHINGTON, Sept. 27 (Xinhua) -- The International Monetary Fund (IMF) Tuesday lowed its projection of Russia's economic growth rate this year to 4.3 percent due to a string of global economic and financial challenges.

"On the basis of the recent slowdown observed in Russia, a stronger-than-anticipated slowdown in global growth, and lower oil prices, (IMF) staff has revised down its gross domestic product ( GDP) growth forecast by half a percent in 2011 and 0.4 percent in 2012, to 4.3 percent and 4.1 percent, respectively," noted an IMF report.

Inflation slowed in July on the back of lower food prices, but still remained at an elevated level in Russia. As in many other countries, financial conditions in Russia have worsened in recent months,IMF said in a staff report for the 2011 Article IV Consultation released on Tuesday.

The Washington-based global lender said the key challenge for Russia is to leverage the commodity boom to put growth on a more sustained trajectory and reduce the nation's economic vulnerabilities.

Growth can be lifted through a set of mutually reinforcing policies, underpinned by stronger economic frameworks in Russia, including a more decisive fiscal consolidation, monetary policy focused on inflation, stronger financial sector supervision, and a more welcoming investment climate, said the IMF.

 

Editor:Zhang Rui |Source: Xinhua

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