IMF expects Russia's GDP to grow at a slower pace

Russia's economy has been expected grow slower over the next 2 years, according to a new survey by the International Monetary Fund. GDP is expected to grow by 6.4% this year – slightly under government's forecast of 6.5%.

In 2008, the GDP is expected to drop to 5.9%.

The IMF is also predicting a slowdown in Russian oil production due to modest investment, and they have urged Russia to diversify its economy away from the export of raw materials.