Russia’s economic problems move from the acute to the chronic

As the oil price tumbled from its mid-2014 peak of over $100 a barrel, Russia’s exports and government revenues, heavily dependent on oil and gas, collapsed. GDP shrank by nearly 4%; inflation ran close to 13%.  The budget for 2016 assumes an average oil price of $50 a barrel, which was to have produced a deficit of 3% of GDP. Continue reading →

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