Deepest recession in last 30 years awaits Russian economy

12:01 - 10.05.2022


May 10, Fineko/abc.az. The Ministry of Finance of Russia expects the deepest recession in the country's economy in the last 30 years against the backdrop of increased Western sanctions.

ABC.AZ reports that the Ministry of Finance predicts decrease in Russia's GDP by 12% in 2022. This will be the most serious recession since 1994, when the economy collapsed by 12.6%. If Finance Ministry’s forecast is justified, it will negate economic growth over the past decade.

Experts note that the collapse of the Russian economy is mainly influenced by the ban on oil supplies, the EU's rejection of Russian gas, as well as the departure of foreign companies from the country.

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