Russia is predicting it will slide into a recession next year.
Moscow’s economic development ministry said Tuesday it is forecasting the Russian economy will contract eight-tenths of a percent in 2015, down from an earlier projection of a 1.2 percent advance.
Russia’s economic fortunes are being buffeted by falling revenues on oil exports, the backbone of the state budget, and Western sanctions linked to Russia’s intervention in Ukraine.
The sanctions are hurting Russian banks and investment in the country is falling, while the value of the Russian currency, the ruble, against the U.S. dollar has dropped by more than 40 percent this year.
The …read more
Source: Voice of America
