×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Russia | economy | growth | forecast

Sanction-Hit Russian Economy Nears Recession

Tuesday, 26 August 2014 11:20 AM EDT

The Russian economy is nearing recession, officials said Tuesday, with punishing Western sanctions over the Ukraine conflict set to keep growth at ultra-low levels and drive up inflation.

"The economy is close to recession," said Oleg Zasov, the head of forecasting at the economy ministry, according to Russian news agencies.

The ministry held its forecast at growth of just 0.5 percent this year, compared with 1.3 percent in 2013.

A month ago, it had defiantly predicted growth of 1 percent when the West imposed its first sectoral sanctions over Moscow's support for pro-Russian rebels fighting in eastern Ukraine.

But it has now slashed its forecast for 2015 in half, also to 1 percent.

 

© AFP 2022


Europe
The Russian economy is nearing recession, officials said Tuesday, with punishing Western sanctions over the Ukraine conflict set to keep growth at ultra-low levels and drive up inflation. The economy is close to recession, said Oleg Zasov, the head of forecasting at the...
Russia, economy, growth, forecast
113
2014-20-26
Tuesday, 26 August 2014 11:20 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved