Oct 15, 2015
The ten worst performing economies in the world – featuring Russia
RUSSIA’S tensions with the West over the Ukraine and Syrian conflicts have hammered its economy – leading Vladimir Putin’s nation to feature among the world's worst performers.
By Lana Clements
Published: 05:33, Fri, Oct 9, 2015
| COMMENT: A revealing picture of the economic impact of recent events upon the Russian economy. |
World economic growth forecasts were updated by the the International Monetary Fund this week showing the top 10 worst – and best – outlooks around the world.
War-torn countries Yemen and Sierra Leone topped the list with their economies expected to shrink by 28.1 per cent and 23.9 per cent respectively.
But the finances of Russia, its ally Belarus, and Ukraine are also tipped for a heavy hit, as the IMF forecasted slumps of 3.8 per cent, 3.6 per cent and 9 per cent respectively.
Russia's outlook has been revised down further after the IMF already penciled it in for a decline of 3.4 per cent earlier this year.
The economy of the former Soviet state is also expected to suffer more next year than previously thought.
Growth is predicted to drop a further by 0.6 per cent in 2016 by the IMF, which in July had believed Russia would have started to recover by next year.
Falling oil prices have taken a heavy toll on the former Soviet state, as well as Western sanctions, which were put in place in March 2014 after President Vladimir Putin led an invasion of Crimea and Eastern Ukraine. Russia's outlook has been revised down further after the IMF already penciled it in for a decline of 3.4 per cent earlier this year.
The economy of the former Soviet state is also expected to suffer more next year than previously thought.
Growth is predicted to drop a further by 0.6 per cent in 2016 by the IMF, which in July had believed Russia would have started to recover by next year.
Falling oil prices have taken a heavy toll on the former Soviet state, as well as Western sanctions, which were put in place in March 2014 after President Vladimir Putin led an invasion of Crimea and Eastern Ukraine.
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http://www.express.co.uk/finance/city/610730/IMF-worst-performing-economies-2015-Russia?_ga=1.255284239.627683315.1440935697