MOSCOW (AP) - The International Monetary Fund estimates that Russia's economy has already entered recession.
MOSCOW (AP) — The International Monetary Fund estimates that Russia's economy has already entered recession.
Last year, Russia's economy grew 1.3 percent, its weakest rate in the past 13 years with the exception of 2009, when the country suffered in the global downturn. The growth slowed further this year as investors pulled money out of the county amid concerns over Russia's policy in Ukraine.
The head of the IMF mission in Russia, Antonio Spilimbergo, told reporters Wednesday that Russia is already in recession as fears of broad economic sanctions weigh on the economy.
A recession is commonly defined as two consecutive quarters of contraction. Russia's economy shrank, quarter on quarter, in the first three months of the year.
While analysts keep cutting Russia's forecasts, the Kremlin denies it faces recession.