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Russia’s Economy Contracts
The Russian economy shrank by an annualized 1.9% in the first quarter of 2015, reversing 0.4% growth in the previous quarter, according to the country's Rosstat statistics agency.
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The Russian economy shrank by an annualized 1.9% in the first quarter of 2015, reversing 0.4% growth in the previous quarter, according to the country's Rosstat statistics agency.
Economists say weak oil prices, economic sanctions and Russia's tightening fiscal policies make a quick recovery unlikely. The ruble also has weakened about 30% against the U.S. dollar, in which petroleum is traded, over the past 12 months.
The European Bank for Reconstruction and Development has predicted Russia's economy will shrink 4.5% this year and 1.8% in 2016.
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