Russian Prime Minister Warns of 'deep Recession' in 2015
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|Russian Prime Minister Dmitry Medvedev warned on Tuesday that the country’s economy is at risk of sliding into “deep recession” next year. Medvedev, speaking at a United Russia party meeting, said the government will not back away from its spending plans, otherwise, the country’s economy could nosedive. Economists have in previous weeks predicted that Russia’s energy-dependent economy will experience serious economic decline in 2015. Chris Weafer, a senior partner at Macro-Advisory Ltd, an economic and financial consulting firm in Moscow, told Mashable "a recession in 2015 is unavoidable." The country’s currency, the ruble, has fallen to historic lows against the dollar in previous weeks, making it the worst performing currency in the world, after Ukraine’s hryvnia. That has sent consumers scrambling to buy up big-ticket items, such as automobiles, choosing to invest in durable goods rather than unreliable Russian stocks.
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