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Russia’s economy expected to shrink in 2015 (video)
Russia’s currency, the ruble, this week fell to its lowest value in a quarter century. Oil prices also fell as finance officials changed their economic forecast for next year from slight growth to recession. Russia’s economy is taking a beating from Western sanctions over Ukraine and foreign investment is fleeing the country. But economists say Russia’s underlying problems are even more important than events in Ukraine and price of oil, Voice of America reports.
Russia’s economy is now expected to shrink in 2015.
The low price of oil helped push the ruble to a record low against the dollar, a drop of over 40 percent this year.
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