Andrei Belousov, a Russian presidential aide, recently said that the 1.3 percent World Bank forecast for Russian economic growth is understated.

Belousov said the downgrade forecast "followed adjustment of our own estimate," according to Russia and India Reports.

Belousov said that the country has the potential to increase growth to 3 percent next year by improving the business climate, law enforcement and infrastructure. He also said that the banking sector could improve by cutting interest rates, according to Russia and India Reports.

On December 15, the World Bank revised its forecast of Russian economic growth down to 1.3 percent from 1.8 percent. The revision also affected estimates for 2014 and 2015, cutting them to 2.2 percent and 2.7 percent, respectively.

The World Bank is an international financial institution with an official goal of reducing poverty by providing loans to developing countries for capital programs.

Russia's economic ministry cut its 2014 economic growth forecast to 2.5 percent from 3 percent in early December.