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(Reuters) - Russia's deputy economy minister warned on Monday that the country's economy is in crisis. Speaking at a local business conference,
Deputy Economy Minister Sergei Belyakov said there are "clear signs" of the Russian economy being in crisis.
Analysts say that the economy is set to suffer from the continued weakness of the rouble and the fall-out from President Vladimir Putin's stand-off with the West over Ukraine .
The central bank, which revised its gross domestic product growth forecast down in February, estimates that the economy will expand by 1.5-1.8 percent this year.
Yes it is and why the whole Ukraine thing is fabricated by not only Russia but western powers as well - it pushes the price of oil above $100/barrel which is where it needs to be for it to be profitable for the Russians.
skuly
Just after the vote in Crimea a minister just let this little bit of information out.
(Reuters) - Russia's deputy economy minister warned on Monday that the country's economy is in crisis. Speaking at a local business conference,
Deputy Economy Minister Sergei Belyakov said there are "clear signs" of the Russian economy being in crisis.
Analysts say that the economy is set to suffer from the continued weakness of the rouble and the fall-out from President Vladimir Putin's stand-off with the West over Ukraine .
The central bank, which revised its gross domestic product growth forecast down in February, estimates that the economy will expand by 1.5-1.8 percent this year.
Reuters
The Russian economy was already already in a poor condition before Ukraine started to get nasty
with the Russian stock market down 20% and ruble loosing value.
All this is before any western sanctions start.
So if the Russian economy continues to weaken what are the chances putin will put the blame
on the west for any economic problems and bring out the flag waving nationalist in other parts
of Ukraine as a distraction.edit on 17/3/2014 by skuly because: spelling
oblvion
reply to post by skuly
Russia's economy has never been out of the toilet in my life time. I was born in 1978.
Their entire economic model is flawed, it is all based on despotism basically. With a "king" "counts" and Barrons" having all the actual wealth, and throwing brute force and crumbs around to keep the people from ever revolting, as they live in abject poverty, and always want for most things.
Remember the US having to give them billions to update their ICBM's so Y2K didnt mess them up?
They have a crap economy that was never viable, and still runs on a antiquated model.
I keep saying this, and will keep saying it.
"there can not be another cold war between the US and Russia, because Russia is a 3rd world country, with a 3rd world economy."
victor7
oblvion
reply to post by skuly
Russia's economy has never been out of the toilet in my life time. I was born in 1978.
Their entire economic model is flawed, it is all based on despotism basically. With a "king" "counts" and Barrons" having all the actual wealth, and throwing brute force and crumbs around to keep the people from ever revolting, as they live in abject poverty, and always want for most things.
Remember the US having to give them billions to update their ICBM's so Y2K didnt mess them up?
They have a crap economy that was never viable, and still runs on a antiquated model.
I keep saying this, and will keep saying it.
"there can not be another cold war between the US and Russia, because Russia is a 3rd world country, with a 3rd world economy."
A very good posting here !! 5 STARS * * * * *
Russia is still very Tsarist. Corruption is rampant and money mostly locked in few hands. Other than energy and commodities, there are few robust economic sectors that can carry the economy when oil and gas prices are low.
Corruption is the main reason why power models of capitalism fail or perform only lukewarm, in the third world countries.
Yusomad
You mean unlike the US, england, france et al? So russia is the only superpower with econnomical problems, ok check...
SubTruth
Yusomad
reply to post by SubTruth
Maybe in your world, the US is the only superpower(I use capitals for it because it looks like a group of people when I just type us(we)but if you find irony in that, fine, simple people have simple ends). But, plase keep peddling that "US is the only superpower by definition" Im sure china, russia, and few other countries would like you to take your head off the bottom of your back but meh...
Mods I am sure this is a little over the line.edit on 18-3-2014 by SubTruth because: (no reason given)