The Ministry of Economic Development expects Russia’s GDP to fall by 0.8 percent. This was reported by the Deputy Minister Aleksei Vedev, according to TASS. In his opinion, this is due to the continuing sanctions of Western countries against Russia.

      Earlier Ministry of Economic Development forecasted growth of gross domestic product of Russia by 1.2 percent in the next year. This year, according to Aleksei Vedev, the Russian economy will grow by 0.6 percent. The last figure of this index in the agency forecast was 0.5 percent. In addition, the Ministry of Economic Development expects that global oil prices will be in the range between 85-95 dollars per barrel in the next year. Budget losses due to the fall in GDP will amount to 50 to 90 billion roubles in the next year. Real wages of the population will decrease by 3.9 percent.