MOSCOW – Russia’s economy is faring poorly as the New Year approaches. Gross domestic product has swung back to a level last seen in the first of 2008 and the economy has essentially stagnated over the last seven years. The reason for the problem that officials most frequently cite, and that President Vladimir Putin mentioned in his most recent address to the Federal Assembly, is a combination of adverse external factors such as the global economic crisis, the drop in oil prices, Western financial sanctions and the economic slowdown in China. However, economic growth began slowing significantly as early as …read more
Source: The Huffington Post
