Russia continued its adjustment to lower oil prices in 2016, in an environment of economic sanctions, infozine.com reported. A sustained fall in real incomes kept domestic demand depressed, and the unfavorable external conditions repeatedly affected Russia’s economic growth. Thus, the recession has continued, albeit at a slower pace. In 2016, the economy is projected to contract by 0.6%, and grow by 1.5% in 2017 and 1.7% in 2018, as hydrocarbon prices are forecast to continue recovering and positively affect domestic demand, the World Bank said in its latest Russia Economic Report launched in Moscow Wednesday.
