World News

Wednesday 30 July 2014

Russia in recession, IMF estimates

Published 30/04/2014|13:32

  • Share
Russia is in recession, according to IMF estimates

The International Monetary Fund estimates that Russia's economy has entered recession.

  • Share
  • Go To

Last year, it grew 1.3%, its weakest rate in the past 13 years with the exception of 2009, when the country suffered in the global downturn.

The growth slowed further this year as investors pulled money out of Russia amid concerns over its policy in Ukraine.

The head of the IMF mission in Russia, Antonio Spilimbergo, said Russia is already in recession as fears of broad economic sanctions weigh on the economy.

A recession is commonly defined as two consecutive quarters of contraction. Russia's economy shrank, quarter on quarter, in the first three months of the year.

While analysts keep cutting Russia's forecasts, the Kremlin denies it faces recession.

Press Association

Read More

Classifieds

CarsIreland

Independent Shopping.ie

Meet, chat and connect with
singles in your area

Independent Shopping.ie

Meet Singles Now

Findajob

Apps

Now available on

Editors Choice

Also in World News