Global General
Russia emerges from recession: official
(Xinhua)
Updated: 2010-02-03 04:39
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The Russian economy has grown for two consecutive quarters, a sign that the country is emerging from recession, a deputy economic development minister said on Tuesday.
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The Russian economy contracted 7.9 percent in 2009, better than the previous estimate of the government. Klepach said investment and retail sales registered jumps in the fourth quarter, but a sustained recovery still requires more efforts by the government.
The International Monetary Fund, in its World Economic Outlook report published on January 26, predicted the Russian economy would grow by 3.6 percent this year. The World Bank projected growth of 3.2 percent this year given oil prices stay at $76 per barrel.
