Saturday, June 20, 2015

We'll have lower Russian GDP, but better Russian GDP

The St. Petersburg Times reports on Vladimir Putin's economic tête à tête;
In his keynote speech on economic policy at the St. Petersburg International Economic Forum, Putin admitted that the Russian economy is shrinking, but radiated confidence that the country would weather the storm.

“We have stabilized the situation, absorbed the negative short-term fluctuations, and are now making our way forward confidently through this difficult patch,” Putin told an audience of Russian and foreign business executives, government officials and experts, who came to the annual forum to discuss the country’s economic future.

Russia’s economy shrank by 2.2 percent year-on-year in the first quarter of 2015, weakened by sanctions and counter-sanctions imposed over the crisis in Ukraine and a sharp fall in the price of oil, the country’s main export. Analysts expect a contraction of around 3 percent this year and a weak recovery to follow.
All according to plan?

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