Russia slashed its long-term growth forecasts this week, providing further evidence of a slowdown in emerging markets.
Economy Minister Alexei Ulyukayev said that annual GDP growth would average 2.5% through to 2030, compared with a previous forecast of 4.3%.
The downbeat assessment adds to a building picture of deterioration in the world’s eighth largest economy.
The International Monetary Fund and the World Bank have both downgraded their 2013 forecasts for Russian growth in recent months.
In October, the IMF projected growth in Russia would slow to 1.5%, down from 3.5% a year earlier. A month earlier, the World Bank cut its growth forecast for the country to 1.8%, from 2.3% predicted in May.
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