Russia lowers 2015 growth forecast, amid oil price slump
Russia revised its economic growth projection for 2015, predicting a 3 percent contraction in its GDP, in the wake of a slump in global oil prices.
According to a Xinhua report, based on a presumed global oil price of $80 a barrel, the Russian economic development ministry had earlier estimated that the country’s GDP would fall by 0.8 percent for the year. The revised projections have factored in the current oil price of around $50 per barrel.