Amid US sanctions World Bank lowers Russia's annual economic growth to 1.4 pct

The World Bank said on Friday it had lowered its forecast for annual economic growth in Russia this year to 1.4 per cent from a projection in January of 1.5 per cent. "A downgraded forecast for gross domestic product growth in 2019 reflects lower oil prices; the medium-term outlook remains modest," the World Bank said.

Real GDP growth exceeded expectations last year, reaching 2.3 per cent, but the rise was largely due to "one-off effects in non-housing construction", the international financial institution said.