Russia’s Economy Minister, Maxim Reshetnikov, warned today that the country is “on the verge” of recession, basing his assessment on “current business sentiment and indicators” he shared at the St Petersburg International Economic Forum.….KINDLY READ THE FULL STORY HERE▶
Urging action, he added: “Everything else depends on our decisions,” and called on the central bank to extend “a little love for the economy” by adjusting its monetary stance.
Quoting him: “The numbers indicate cooling, but all our numbers are [like] a rearview mirror.”
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“Judging by the way businesses currently feel and the indicators, we are already, it seems to me, on the brink of going into a recession”, he added.
In October 2024, Russia’s central bank raised its key interest rate to 21 percent to rein in inflation. It held that level until this month, when it trimmed the rate by one percentage point, to 20 percent. Despite the easing, Russia’s GDP growth slowed to just 1.4 percent year-on-year in Q1 2025—the weakest quarterly performance in two years.….KINDLY READ THE FULL STORY HERE▶
