Thursday, March 19, 2015

Putin alarmed by recession – Swedish newspaper Svenska Dagbladet

– Right now there are no good reason to feel confident, he says in an entrepreneurship conference in Moscow.

The Russian economy contracted by 1.5 per cent in January . And according to the Russian Central Bank forecasts Russian GDP will decrease by 3.5-4.0 percent this year.

Russia’s problems connected with sanctions for Ukraine conflict and the collapse of prices for crude oil, Russia’s largest export commodity.

High inflation, a key interest rate of 14 percent and a massive outflow of capital are other problems that characterize the economy.

The ruble was down to a record low rate of 80 rubles per dollar in December. Since then, the currency has recovered to levels around 60 rubles per dollar, about 40 percent lower than a year ago.

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