Fitch Ratings downgrades Russian GDP forecast for 2016

Fitch Ratings has revised Russia’s real GDP forecast for 2016 to a 1% contraction from 0.5% growth to reflect 2015 outturns, lower oil prices and the impact of the latest cuts, according to fitchratings.com.

“If oil prices do not start to recover in 2016, tax increases for the oil sector would become more likely, further reducing capex, “ the international ratings agency said.