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Medvedev: Russia GDP to fall further than thought

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celticlord

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Stunning reversal: Russian economy shrinks 23 percent | Business | Chron.com - Houston Chronicle

MOSCOW — Russia’s economy will shrink more than previously predicted this year, President Dmitry Medvedev warned today, after government figures showed the economy shrinking over 23 percent in the first quarter alone.

Officials had forecast earlier that Russia’s GDP would decline by only 2.2 percent this year, but that estimate has to be radically revised after the first quarter data was released Friday.
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23% contraction in a single quarter isn't just recession, it's economic collapse.

This doesn't augur well for Europe. With a looming debt crisis over collapsing East European economies, Russia's economic free-fall is turning Eastern Europe into an economic sinkhole sucking in the financial health of Germany and Austria, compounding the economic woes of the rest of the European Union.

We don't need to worry about beggar-thy-neighbor protectionist policies. The world is doing a fine job of beggaring itself.
 
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