IMF slashes Russian GDP growth forecast in 2014 to 0.2 percent from 1.3 percent, further cuts possible

The International Monetary Fund (IMF) has revised its forecast for Russian GDP growth in 2014 downward to 0.2 percent from 1.3 percent in the previous forecast prepared at the beginning of April, the IMF said in a statement based on the findings of the IMF mission in Russia April 15-30. 

Further downward revisions are possible, the head of the IMF's Russian mission Antonio Spilimbergo said at a press conference at Interfax headquarters in Moscow on Wednesday.

IMF forecasts Russian inflation at over 6 percent in 2014

The International Monetary Fund (IMF) forecasts Russia will have inflation of more than 6 percent in 2014, Antonio Spilimbergo, head of the IMF mission in Russia, told a press conference at the Interfax head office.</P>\n<P>Spilimbergo said the Central Bank's rate hike would definitely ease inflationary pressure, but that this would be insufficient.

Given the degree of uncertainty, inflation will stay above 6 percent this year, he said.

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