MOSCOW, April 1 (Reuters) - Russia faces a protracted economic recession as the impact of Western sanctions will linger for many years and oil prices will stay low, the World Bank said on Wednesday.
In its baseline scenario, the World Bank said it saw Russian gross domestic product (GDP) contracting by 3.8 percent in 2015 and by 0.3 percent in 2016.
Those forecasts were considerably more pessimistic than ones made in December, when the Bank expected the economy to shrink by 0.7 percent this year and grow by 0.3 percent in 2016.
The World Bank added that it saw a continued dearth of investment as a major risk for medium-term economic growth. (Reporting by Alexander Winning, editing by Jason Bush)
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