Russia`s economy is projected to expand 6.4% in 2007, down from 6.7% in 2006, according to experts at the United Nations Conference on Trade and Development (UNCTAD).

Continued economic growth in Russia, along with other members of the Commonwealth of Independent States (CIS), a loose alliance of ex-Soviet republics, is assured by the high price of oil and other raw materials on world markets, according the trade and development report published on Wednesday.

Growth of CIS countries` economies is predicted at 7.3%, compared to 7.7% last year, according to UNCTAD experts.

The group also predicts that the world economy as a whole will expand 3.4% in 2007, less than the 2006 rate of 4%, mainly due to a slowdown in U.S. growth, expected to level off at 2% this year, down from 3.3% in 2006.

The report also says that for the first time, GDP growth rates in the European Union (2.8%) and Japan (2.3%) are expected to overtake that of the U.S.

UNCTAD experts predict that China and India will see the highest GDP rise, at 10.5% and 8.5% respectively, while GDP among African nations will climb by an average of 6%, compared to 5.6% in 2006. Latin American and Caribbean countries are expected to see growth of 4.7%, down from 5.7% in 2006.

The Russian Economic Development and Trade Ministry plans to adjust its prediction for 2007 national economic growth to around 7.3-7.4%, a spokesman for the ministry said.
sections: Economics