The International Monetary Fund (IMF) lowered its growth forecast for the Russian economy for 2014 and 2015 to 0.2 % and 1%, respectively, IMF advisor Antonio Spilimbergo said Wednesday, April 30, according to RIA Novosti.

"We adjusted the forecast for economic growth in Russia. We expect growth of 0,2 % this year," Spilimbergo said.

He added that next year, the IMF predicts 1% growth for Russia's GDP.

The previous IMF growth forecast for the Russian economy was 1.3 % for 2014 and 2.3% for 2015.