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No Economic Growth for Russia in 2015, UN Says
20.01.2015 17:50
No Economic Growth for Russia in 2015, UN Says

Russia is going to face a zero economic growth in 2015, to say the same about the whole Commonwealth of Independent States (CIS), UN Department of Economic and Social Affairs reports.

      "In the CIS, prospects are weak with near-zero growth expected in the Russian Federation," the UN said in a World Economic Situation and Prospects 2015 release. It is also said in the release that in 2014 Latin American economies and the CIS countries experienced a sharp deceleration, while East Asian states faced only a mild slowdown and will remain the fastest-growing region globally.

      Africa's overall growth is expected to hold the line in the future, with the GDP growth of African countries reaching 4.6 in 2015 and 4.9 in 2016, compared to the earlier projected growth of 4.7 percent in 2014.

      "Many developing countries and economies in transition appear vulnerable to a tightening of global financial conditions, as well as a further aggravation of geopolitical tensions and an escalation of the Ebola epidemic," the release said.

      The Russian economy has been recently experiencing hard times due to the declining oil prices that have dropped some 40 percent from June 2014 and international sanctions for the country's biggest companies. The Russian national currency, the rouble, has recently hit historic lows amid the economic unrest.

Author: Julia Alieva

Tags: Russian economy Russian money CIS crisis  

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