RIA Novosti cited Mr Juha Kahkonen IMF mission chief for Russia said the International Monetary Fund has downgraded its forecast on Russia gross domestic product in 2011 to 4.1% from 4.3%.

Mr Kahkonen forecast on Russia GDP growth in 2012 was also cut to 3.5% from 4.1%, adding that there were considerable risks for the forecast's further downgrade, if world oil prices fell and the debt crisis continued to worsen in the eurozone.

He said that as for consumer price inflation in Russia in 2011, the IMF predicts it to be below 7% as reduced liquidity will help curb inflation growth.

Russia Economic Development Ministry expects the country's 2011 economic growth at 4.1% and 3.7% in 2012.

(Sourced from RIA Novosti)