MOSCOW (AP) — The Russian government, facing its worst economic crisis in a decade, on Wednesday detailed how it intends to cut spending over the next three years in all parts of the economy except military and social programs.
Russia’s economy has been battered by lower energy prices, a collapse in the value of the ruble and Western sanctions over its involvement in Ukraine. Russia’s GDP is expected to decline by 4-5 percent this year, the first drop since 2009. The ruble has lost half of its value while the Standard & Poor’s ratings agency downgraded Russia’s credit rating to a …read more
Source: KXAN
