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IMF sees less pessimistic outlook for Russian economy

IMF mission chief to Russia Ernesto Ramirez Rigo predcts Russia will emerge from recession in 2016The International Monetary Fund on Thursday announced a less pessimistic forecast for Russia’s economy, predicting no more than 3.4 percent contraction in 2015 and emergence from recession in 2016. The Russian authorities’ “anti-crisis package has helped to stabilise the situation,” said Ernesto Ramirez Rigo, the head of the IMF’s mission in Russia. Russia is currently suffering from the effects of a major currency crisis in 2014 triggered by Western sanctions over the Ukraine conflict as well as the effect of plunging oil prices on its economy dependent on energy exports.

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