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World Bank ups Russia's GDP growth forecast

 

Russia's gross domestic product (GDP) growth was to reach 3.8 percent in 2012 and 4.2 percent in 2013, the World Bank said Wednesday.

Both forecasts, carried in the bank's newly released Global Economic Prospect report, are 0.3 percentage point higher than the calculations the world lender published in March.

The latest report attributed the upward revision to high oil prices, but meanwhile warned that weak production capabilities could limit the country's growth.

"In this environment, developing countries should focus on productivity-enhancing reforms and infrastructure investment instead of reacting to day-to-day changes in the international environment," said Hans Timmer, director of development prospects at the World Bank.

Growth in Russia last year was supported by robust domestic demand and good harvests, and the country's GDP had returned to its pre-crisis levels, the report said.

In general, developing countries should "prepare for a long period of volatility in the global economy by re-emphasizing medium-term development strategies, while preparing for tougher times," the World Bank said.

 

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