The European Commission lowered the forecast for economic growth in Russia for 2019 from 1.6% to 1.5%. For 2020, the growth forecast is maintained at 1.8%. Thus, the European Commission expects this year a slowdown in Russia's GDP growth compared with a 2.3% rise recorded in 2018. The slowdown will be caused by a number of external and internal factors, among which is the weakening of domestic demand amid falling oil prices and accelerating inflation. It is also expected a decline in investment and a slowdown in export growth, which will be adversely affected by a decrease in hydrocarbon production and weak external demand. According to the European Commission, this year inflation in the country will exceed 5%, but next year it is expected to fall to the target level of the Russian Central Bank at 4%. The Ministry of Economic Development of the Russian Federation expects that in 2019, GDP will grow by 1.3%.
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