Right now Russia is experiencing the recession period because of the damage reasons by the Ukraine crisis, said the statement by the International Monetary Fund (IMF). Moreover, the fund, which is cut of its expansion forecast for the Russia, said that the $100bn (£59bn) would depart the country this year.
The Antonio Spilimbergo as an IMF's mission chief in the Moscow said that the international sanctions were injurious the economy and frightening investment. However, the Russia's economy contracted in the initial three months of this year. But at the meantime, Mr. Spilimbergo said he projected that to continue. If you are recognized by the recession of two quarters of negative economic growth, then the Russia right now experiencing the recession period.
However, the hard situation and specially the insecurity surrounding the geopolitical state of affairs as well as increases of sanctions are considered to be very Business News US negatively on the investment atmosphere.
The IMF cut its 2014 development forecast for the Russia to 0.2% from the 1.3% as well as saying that it is projected the country's economy to raise by the only 1% in the next year. In addition, the Credit ratings agency Standard & Poor's has already sliced the Russia's rating to one score above junk status.
Although in the last week, the Russia's central bank moves up its key interest rate from 7% to 7.5% in an attempt to protect the value of the ruble exchange rate, which has gone more than 8% against the dollar as far as this year.
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