Former Minister: Russia’s Economy Shrinks Largest Since 1994
The Russian economy is heading for a contraction of more than 10 percent this year. That would be the biggest drop in the gross domestic product (GDP) since the years after the collapse of the Soviet Union in 1991, said former finance minister Alexei Kudrin.
He currently heads the Russian Court of Auditors and is Minister of Finance from 2000 to 2011.
Russia is struggling with rising inflation, partly due to the sanctions for the invasion of Ukraine. In addition, there is a capital flight, the massive transfer of assets across borders. The sanctions against the country also mean that Russia faces a debt crisis.
According to Kudrin, the Russian ministries of economy and finance are currently working on new forecasts. He tells the Russian news agency RIA that the contraction will ...