Russia’s GDP to drop in 2009

Russia’s economy will contract by 0.2% in 2009, according to a new forecast by the Ministry of Economic Development. Earlier, the ministry expected the country’s GDP to rise by 2.4% next year. The ministry now expects unemployment to hit 7.5% and average real wages to drop by 2.7% in 2009. Russian exports will decrease by 43% and imports by 16%. In 2008, Russia’s GDP growth amounted to 6%.

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