The World Bank downgraded on Thursday the forecast for Russia's economic growth in 2011 to 4 percent from 4.4 percent.
The bank also lowered its forecast for Russia's GDP in 2012 from 4.0 to 3.8 percent due to expected falling oil prices.
The bank said in a report that the downgrading was resulted from the worse-than-expected Russian economy in the second quarter.
Still, Russia has outperformed other developed countries in terms of GDP growth, the bank noted.
"Despite the negative influence of the falling global demand for the goods and commodities, relatively high oil prices and low unemployment level will facilitate a sound growth of internal consumption. That, in turn, will support economic growth (in Russia) as a whole in the second half of 2011," the World Bank said.
Russia's budget is to be balanced in 2011 and be ended with a 1.6-percent deficit in 2012 if the oil prices volatility and the government's social spending would remain moderate, it forecast.