World Bank Lead Economist Presents Report to AmCham Russia Members

The American Chamber of Commerce in Russia held a high-level speaker event on Monday with Apurva Sanghi, Lead Economist with the World Bank, AmCham Russia said in a statement.

Sanghi presented the latest report on Russia by the World Bank titled “Russia’s Economy: Preserving Stability, Doubling Growth, Halving Poverty – How?” The document focuses on recent economic developments, the outlook for 2018 – 2020, and the outlook and options for Russia. The event was moderated by AmCham President Alexis Rodzianko.

The World Bank Russia Economic Report (RER) synthesizes recent trends on key economic indicators, provides the World Bank economic outlook for Russia for the coming year and analyzes strategic policy issues.

According to World Bank analysts, economic growth in Russia will be modest over the next two years with a possible expansion of Western sanctions and high geopolitical tension making for an unfavorable outlook.

But Russia’s fundamentals, including its international reserves, would help it to absorb “external shocks”, the country report says.

The World Bank lifted its economic growth projection for this year to 1.6 percent from 1.5 percent forecast in May. It expects the gross domestic product to grow by 1.5 percent in 2019 and by 1.8 percent in 2020.

“In the absence of a sharp escalation of geopolitical tensions, we expect the Russian economy to continue modest growth supported by relatively high oil prices,” the report said.