IMF mission chief says "Russia is experiencing recession now".

by Reuters
Wednesday, 30 April 2014 08:51 GMT

MOSCOW, April 30 (Reuters) - The International Monetary Fund's mission chief to Moscow said on Wednesday Russia was "experiencing recession" and that a resolution of the Ukraine crisis would significanmtly reduce Russia's own economic uncertainties.

"If you understand by recession two quarters of negative economic growth then Russia is experiencing recession now," mission chief Antonio Spilimbergo told reporters.

The Russian economy contracted in the first three months of this year and Spilimbergo's comments made clear he expected further contraction.

(Reporting by Lidia Kelly, writing by Nigel Stephenson, editing by Tomothy Heritage)

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