Monday, the World Bank downwardly revised Russia's 2009 growth outlook citing the impacts of the first global recession since the World War II.
The global lender now expects the Russian economy to contract 4.5% in 2009, down from 3% growth forecast in November 2008.
As the crisis continues to spread to the real economy around the world, initial expectations that Russia and other countries will recover fast are no longer likely, the World Bank said in its latest Russian Economic Report.
Russia's inflation is forecast to be around 11% to 13% in 2009 as a result of rising import prices and considerable relaxation in fiscal stance.
The deeper and more prolonged economic crisis is likely to have a major social impact, which is already spreading fast. The World Bank estimates that aggregate unemployment in Russia will increase by 2.7 million people in 2009.
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