Russia Cuts 2014 Economic Growth Forecast Sees More Stagnation

RIA NovostiTuesday 3rd December, 2013

BALI, December 3 (RIA Novosti) – Russia’s Economy Ministry cut its forecast for economic growth in 2014 by half a percent Tuesday amid warnings that stagnation was set to persist. Gross domestic product will expand 2.5 percent in 2014 and 2.8 percent in 2015, down from the previous estimates of 3 percent and 3.1 percent respectively, Economy Minister Alexei Ulyukayev told reporters. The economy has stalled in 2013, with officials now expecting that growth this year will fall to 1.4 percent. That is the lowest level at any time during Vladimir Putin’s tenures as president. T…

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