IMF Sees Russia in Recession as It Cuts 2014 GDP Outlook
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Russia is in a recession, the International Monetary Fund said as it cut the country’s economic-growth forecast for the second time this month, citing geopolitical risks and the need for tighter monetary policy.
The $2 trillion economy is facing two three-month periods of contraction, Antonio Spilimbergo, the IMF’s mission chief for Russia, told reporters today in Moscow. Gross domestic product shrank a preliminary 0.5 percent from the previous three months in the first quarter. It may grow 0.2 percent in 2014, down from an April 8 projection of 1.3 percent, the IMF said.