Russia cuts rates again as recession outlook persists

By Incorrect Author 25 November 2009

New US GDP figures released on Tuesday suggest that the world’s economy is growing more slowly than initially thought, sparking fears of a double-dip recession. Across the water in Russia, the central bank is also feeling the strain, as it cut interest rates for the ninth time since April, in a widely expected move. The bank says its cut from 9.5% to a record low of 9% comes in a lower-inflation environment. Russia's economy caught a cold after the US sneezed in late 2007, although the latest Russian GDP figures show growth of 13.9% in the July-September quarter. But because the Russian economy is heavily reliant on oil exports, it was badly hit by the global crisis. A rebound in oil prices since the start of this year has helped the economy to recover. But it’s still a one-trick pony. Read more: BBC

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