Russia has slashed its economic growth forecast for this year from 1.3 per cent to 0.4 per cent despite soaring energy prices.
Alexander Novak, Russia’s deputy prime minister, on Tuesday blamed labour shortages, excessive government spending and western sanctions against Russia for the stark downgrade.
The reduction compared with the 1.3 per cent forecast issued by the economic ministry last September lays bare the fragile state of the Russian economy.
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