Russia’s Recession May Last a Year as Oil, Ruble Hit Growth

Russia will probably slide into recession next year and won’t see growth for four consecutive quarters, according to a Bloomberg survey of economists.

The risk of the world’s biggest energy exporter falling into recession in the next 12 months rose to 93 percent from 75 percent a month ago, according to the median estimate of 20 economists, the highest since the first such Bloomberg survey more than two years ago. Russia’s central bank will keep its main interest rate at 17 percent until the end of the first quarter, cutting it to as low as 11 percent by end-2015, the survey showed.