The Russian government has for the first time 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 economic development ministry on Tuesday revised its GDP forecast for 2015 from growth of 1.2 percent to a drop of 0.8 percent. Disposable income is expected to decline by 2.8 percent against the previously expected 0.4 percent growth.Russia’s economy has been damaged by low oil prices, a key export and the backbone of the state budget, as well as Western sanctions over its role in …read more
Source: The Jakarta Post
