Russia to Lower Forecast of Economic Growth

Russia’s government will lower its forecast for economic growth next year as a plan to raise value-added tax keeps monetary policy tight and curtails expansion, according to an official familiar with the matter.

Under the updated view, gross domestic product will grow 1.4 percent in 2019, compared with a previous projection of 2.2 percent, said the person, who spoke on condition of anonymity because the forecasts haven’t yet been made public.