MOSCOW: Russian economy expected to shrink 0.6% in 2016. The World Bank predicts that Ukraine’s economy in 2016 will grow by 1%. That comes after a contraction of 12% in 2015 and record-breaking inflation of more than 40%.
In 2017, the country is predicted to see growth of 2%. Those figures come as part of a new World Bank report released this week, according to BBC Ukraine.
Ukraine’s economy nosedived sharply in 2015 amid the on-going conflict with Russian-backed militants in the east of the country. The fighting has disrupted much of the heavy industry which accounted for a significant chunk of Ukraine’s economic output.
In contrast, Russia’s economy is predicted to shrink in 2016 by 0.6% percent. That comes against the backdrop of the fall in the price of the country’s main export – oil – and Western sanctions over Moscow’s aggression in Ukraine.
