Russia to witness robust economic recovery: World Bank

MOSCOW, March 24 (Xinhua) -- The Russian economy is expected to see a robust recovery, with a GDP growth forecast of up to 5.5 percent in 2010, the World Bank said in a report published Wednesday.

In the report, the World Bank predicted Russia's gross domestic product would enjoy a 5-percent to 5.5-percent growth this year and a 3.5-percent increase in 2011, higher than previous growth estimates of 3.2 percent this year and 3.0 percent next year.

"A double-dip recession in Russia is not likely and recovery will be sustained, primarily driven by the revival of domestic demand - consumption and investment," said Zeljko Bogetic, the bank's chief Russia economist and author of the report.

However, the World Bank warned that the recovery would be "robust but jobless," pointing out that the employment rate would remain low in 2010 and therefore encumber GDP growth.

"Russia will likely experience moderate job growth recovery with sustained high unemployed rates," the report said.

Smashed by the global economic crisis, Russia saw its worst recession in a decade with GDP shrinking 7.9 percent last year.