World Economy

Russia Economy Shrinks

Russia Economy ShrinksRussia Economy Shrinks

Russia’s economy shrank 0.7% on the year in the first quarter, Russian news agencies reported Monday, citing the central bank’s first deputy chairwoman, Ksenia Yudaeva, Dow Jones reported. However, the Bank of Russia said on its website that its models paint a more optimistic economic outlook than the majority of official forecasts. It said, growth could reach 0.6% on the year in the second quarter.