Russian President says economy will decline 7.5%
It was a great “do you want the bad news or the good news first” speech. Russian President Dmitry Medvedev first informed the country the economy sank deeper this year, thanks to global recession and plunging demand for resources. But he also pointed that the decline would have been much more severe had it not been dealt with decisively. And then he closed by bringing good news: resources are on their way back globally, the rouble is stable, economic measures are working and the country should exit recession in the third quarter of this year. Great speech; the near future will show how closely aligned to reality it was.
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