MOSCOW (AP) — The Russian government has acknowledged that the country will fall into recession next year, battered by the combination of Western sanctions and a plunge in the price of its oil exports.
The news caused the stock market to drop and pushed the ruble to a fresh record low against the dollar. The economic development ministry on Tuesday revised its GDP forecast for 2015 from growth of 1.2 percent to a drop of 0.8 percent. Russian households are expected to take hit, with disposable income seen declining by 2.8 percent against the previously expected 0.4 percent growth.
Russia’s economic outlook …read more
Source: The Huffington Post
