World Economy

Protracted Recession

Protracted RecessionProtracted Recession

Russia faces a protracted recession as the impact of western sanctions lingers and oil prices stay low, the World Bank said, RT reported. In a baseline scenario, the bank expected Russia’s GDP to contract by 3.8% in 2015 and a further 0.3% in 2016. The report also describes medium-term growth prospects as dim. “The main challenge for Russia is the continued dearth in investment,” WB said.