Bank of America Corp (NYSE: BAC) Lowers GDP Forecast for Russia

Bank of America Corp (NYSE: BAC)’s Merrill Lynch division has lowered its estimate of Russian GDP growth from 7.0% to 5.5% in a research note, the first forecast of declining GDP growth in Rusia among analysts.

The analysts said that that the downward revision in its Russian GDP forecast for 2010 is based on the bank’s commodity analysts forecast that oil prices this year will fall to $78 per barrel as well as disappointing statistical data for the first quarter of 2010.

The analysts said that they believe the Russian economy is in relatively “good shape.”

“We anticipate that in 2011 GDP growth of Russia for a mere 4%, and we believe that the consensus forecast of 4,6% is overvalued,” commented the analysts.