IMF predicts severe hardship for Russia

The International Monetary Fund (IMF) has strongly downgraded its economic forecast for Russia in 2009. The country’s economy is facing the worst recession since World War II, the IMF’s World Economic Outlook says. The IMF expects Russia’s GDP to drop by as much as 0.7% in 2009. Russia’s Ministry of Economic Development just recently downgraded its GDP forecast, now predicting a drop of 0.2% in 2009.

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