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Russia's Economy Is In Deep Trouble Next Year

AFPDec 9, 2014, 16:57 IST

Moscow (AFP) - The World Bank on Tuesday predicted that Russia's economy would shrink by 0.7 percent in 2015, but warned that the contraction would be worse if oil prices were to keep sliding.

The World Bank said its forecast is based on a scenario of crude prices averaging at $78 in 2015. But if oil prices fell to $70, Russia's output would shrink by 1.5 percent, it said.