World Bank Slashes Russia’s Economic Forecast, Warns Of Rising Poverty

MOSCOW — The World Bank downgraded its 2016 Russian economic forecast Wednesday and said more than 1 million people will fall into poverty as the government curbs expenditure and a squeeze on real incomes continues.

The economy will shrink 1.9 percent this year, with an average oil price of $37 a barrel, the World Bank said —  a more severe contraction than the 0.7 percent it predicted six months ago amid expectations of a higher crude price.