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BREAKING NEWS

Russian economy to shrink

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Russian economy to shrink

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There are different figures emerging, but all contain the same message – Russia’s economy is going to shrink dramatically this year.

The World Bank said the annual contraction will be 7.9 percent, the Organisation for Economic Cooperation and Development reckons it will be 6.8 percent and Russia’s First Deputy Prime Minister Igor Shuvalov believes – with global demand for commodities slumping – it could reach nine percent. In the first quarter, the Economy Ministry estimated GDP was down 10.2 percent.