US EditionRussia on Brink of Recession as Growth Slows
RUSSIA, JUN 20 – Russia's economy risks recession due to prolonged war spending, sanctions, and inflation, with GDP growth slowing to 1.4% and a rising budget deficit of 3.4 trillion rubles, officials said.
- On June 19, Russia’s Economy Minister Maxim Reshetnikov indicated that the country is approaching a recession as economic activity continues to slow.
- This situation follows record high interest rates, falling oil prices, Western sanctions, and logistical challenges weakening export revenues.
- Sberbank's deputy CEO Alexander Vedyakhin warned that the ruble is overvalued and the economy risks overcooling due to persistently high key rates.
- The central bank cut its key rate from 21% to 20% in June, but Vedyakhin projected growth between 1% and 2%, below the government's 2.5% forecast.
- Russia's budget deficit rose to 1.5% of GDP in the first five months, while economic slowdown suggests sustained fiscal challenges and restrained growth ahead.
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Andrei Makarov, the head of the Russian State Duma's budget and taxes committee, warned Russia against repeating the fate of the Soviet Union, which he said was guilty of failing to adequately meet the growing needs of workers. Makarov made the remarks at the International Economic Forum in St. Petersburg.
At the Economic Forum in St. Petersburg, the burden of high interest rates on Russian companies, lack of labour and concern for property rights dominated many debates. The president sees the country on course despite sanctions.
·Zürich, Switzerland
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hbl.fiRussian President Vladimir Putin is reacting to warnings that the country's economy is heading into recession - and is urging those responsible...
·Stockholm, Sweden
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Total News Sources219
Leaning Left37Leaning Right30Center55Last UpdatedBias Distribution45% Center
Bias Distribution
- 45% of the sources are Center
45% Center
L 30%
C 45%
R 25%
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