Lower oil prices may hinder Russia's growth - September 14, 2011
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Gross domestic product (GDP) may shrink as much as 1.4 per cent next year under a negative scenario that projects a 'world recession' cutting the average price of Urals crude by almost a half from the current level, according to the report, submitted to the government for approval last week. The price has averaged US$109.36 this year and traded at US$114.63 on Monday.
A reliance on raw materials, which President Dmitry Medvedev called 'humiliating' and 'primitive', has left the economy vulnerable to dropping global demand for its commodity exports.
Russia Oil Prices Falling and Demand for Exports are Declining, totally sucks for Russia
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