Jul 24, 2009
| Last Updated
- A sharp fall in industrial production as well as severe financial vulnerabilities will lead Russia to a sharp contraction;
- Large fiscal deficits will mostly erase Russia’s sovereign funds in 2009 and 2010;
- Higher oil prices in the long-term may reduce urgency of structural changes needed for growth.
The fall in oil production and revenue, deteriorating investment and industrial output will lead Russia to a severe economic contraction of over 8.5-9% in 2009, despite government investment. Despite the doubling of crude oil prices since mid-March, financial[...]
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