Russia Slashes Growth Forecast

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.

via Russia slowdown – Nov. 8, 2013

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza