The Russian economy is set to contract by 3.4 per cent this year but will rebound in 2016, posting 0.2 per cent growth, the International Monetary Fund said on Thursday. Ernesto Ramirez Rigo, the head of a three-month-long IMF mission to Russia, said the fund had revised upward its outlook for Russian economic growth and inflation on the back of improved economic data and the recent strengthening of the rouble.