Moscow (AFP) – The Russian economy ministry on Tuesday slashed its economic forecast for 2015, announcing a contraction of 0.8 percent due to the pressure of Western sanctions over the Ukraine crisis combined with falling oil prices.The ministry cut its previous outlook of 1.2 percent growth by two percentage points, referring to worsening economic indicators and a “more conservative” assumption that Western sanctions will remain through 2015.Plunging oil prices also led to the revision, with a weakening ruble and rising inflation slowing consumer spending, the ministry added in its official statement.In its outlook on recession, Deputy Economy Minister Alexei Vedev …read more
Source: Business Insider
