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Russia’s economy may fall by 3% in 2015 on falling oil prices

Russia’s economy may fall by 3% in 2015 on falling oil prices

MOSCOW: Economy Minister Alexei Ulyukayev said Russia’s economy may fall by 3 percent in 2015, with the average oil price of $ 60 per barrel.

Ulyukayev said it turns out previously at this conjuncture recession could reach 3.0 percent. In its latest forecast, for which Ulyukayev was sharply criticized, the Economy Ministry was waiting for the price of oil in 2015 at $ 80.

In early December, the Economic Development Ministry has deteriorated sharply assessment of key indicators of development of the Russian economy, predicting a fall in GDP of 0.8 percent next year, whereas previously predicted growth of 1.2 percent. Presidential aide Andrei Belousov criticized then forecast offices, calling it a technical error and a random set of numbers.

Ulyukayev told Russia has entered into a protracted phase of the crisis, the causes of which is largely to blame for the authorities themselves, often making the wrong decision and unable to plan for the future.