Russia Heading For Worst Recession Since End Of Cold War Says Uk Russia
The Foreign Office said Russia’s GDP was expected to shrink between 8.5% and 15% this year as a series of post-war sanctions imposed on Ukraine hit the industry. This would be more serious than in 2009, after the financial crisis, when Russia’s economy shrank by about 7.8%, and it would be the worst decline since GDP declined for several years in the early 1990s. In the long run, experts’ forecasts show that GDP growth will continue to decline as the country is cut off from Western technology, the United Kingdom added, as it announced sanctions on Vladimir Putin’s two adult daughters....