The International Monetary Fund (IMF) on Tuesday lowered its forecast for Russia's GDP growth in 2012 from 4 percent to 3.7 percent, citing the euro debt crisis and the weakened global economy.
In its newly published World Economic Outlook report, the IMF also revised its forecast of Russia's GDP growth in 2013 from 3.9 percent to 3.8 percent.
"Financial conditions in the three largest CIS economies (Kazakhstan, Russia, Ukraine) have been significantly effected by increased financial stress in the euro area periphery and higher global risk aversion," the report read.
According to the report, the global economy would grow 3.3 percent in 2012 instead of the previously estimated 3.5 percent, as the IMF believes the world economy has weakened further despite its continued recovery.
However, the IMF's latest forecasts over Russia were still higher than its predictions in January, when the fund said the Russian GDP growth would amount to 3.3 percent in 2012 and 3.5 percent in 2013.
"Investment growth has weakened, but expansionary fiscal policies and strong credit growth in Russia and other energy exporters have dampened the overall growth impact," the report said.
The World Bank on Monday also downgraded its forecast of the Russian GDP growth for 2012 from 3.8 percent to 3.5 percent, due to the country's lower-than-expected harvest, weakening domestic demand and worsening global economic outlook.