News Column

Russia Could Fall Into Recession This Fall

April 12, 2013

Russia is threatened with entering a recession this fall and plans stimulus measures to prevent it, the economy minister said Friday.

"Yes, we shall be proposing economic incentives," Andrei Belousov said, according to the Itar-Tass news agency, adding, "Such measures must be taken urgently because we should get out of the situation we are in now in order to avoid recession."

His comments came a day after the Economy Ministry cut the country's growth forecast for 2013 from 3.6 per cent to 2.4 per cent, which would be Russia's worst yearly performance since 2009.

Adding to the economic woes are rising capital outflows, which Russia now expects to be as much as 35 billion dollars higher for the year than previously forecast.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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