The Bank downgraded the forecast decline of Russia's GDP in 2015 to 4, 8%
MOSCOW, 19 Jan - RIA Novosti/Prime. The European Bank for restoration and development (EBRD) has lowered its forecast decline of Russia's GDP this year, up to 4, 8% from the September forecast of 0, 2%, according to a press release of the Bank.
" the decrease in oil prices 2 times added issues of Russia, whose economic growth has slowed amid uncertainty and weak investor confidence after the imposition of penalties in 2014 ", - said the EBRD.
The Bank emphasizes that the sharp drop in oil prices has also put pressure on exporters of energy resources and emerging markets, which have close contacts with the Russian economy.
The Bank also downgraded its forecast for Ukraine's GDP. The Bank expects the country's GDP will decline in 2015 by 5% against the September forecast of decline by 2%.
The EBRD's chief economist Hans Peter Lankes (Hans Peter Lankes) emphasizes that the current forecast is subject to considerable risks, in which a further decline in oil prices, escalating fall between the Russian Federation and Ukraine, as well as increasing uncertainty in the Eurozone.