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WB: Russia's Economic Growth to Slip in 2009

Russia's robust economic growth is expected to cool down to 3 percent in 2009 due to impacts of the global financial crisis, said a World Bank report published on Tuesday.

The gross domestic product (GDP) growth of Russia in 2008 will be in the 6 percent range and in 2009 about 3 percent, as predicted by the Russian Economic Report posted on the World Bank website.

The World Bank estimated in mid-year that Russia's GDP growth could reach 6.8 percent in 2008 and 6.5 percent in 2009.

"The difference between these estimated growth rates 'before' and 'after' the crisis reflects the impact of the growth slowdown," the report said.

Russia's GDP growth continued at a brisk pace of about 8 percent in the January-June period, reflecting a booming economy and strong macroeconomic fundamentals.

But the world financial crisis has impacted the economy, with a reversal in capital flows, a credit crunch, oil price drop and a plummeting stock market.

These shocks are slowing domestic demand, the engine of Russia's growth, and posing new policy challenges, the report noted.

(Xinhua News Agency November 19, 2008)

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