Russia will remain in economic recession throughout 2016, dragging with it the economies of the countries from the Commonwealth of Independent States, due to low oil prices and continuing sanctions, according to a World Economic Outlook report published on Tuesday.
"Russia, which continues to adjust to low oil prices and Western sanctions, is expected to remain in recession in 2016.
Other economies of the Commonwealth of Independent States are caught in the slipstream of Russia’s recession and geopolitical tensions, and in some cases affected by domestic structural weaknesses and low oil prices; they are projected to expand only modestly in 2016 but gather speed in 2017," the report reads.
Global economic growth is predicted to be at 3.4 percent in 2016 and slightly higher in 2017 at 3.6 percent, according to report.
“Global growth is projected at 3.4 percent in 2016 and 3.6 percent in 2017,” the report reads.