MOSCOW, April 30 (RIA Novosti) – The International Monetary Fund (IMF) believes that Russia economy is already in recession as it has been contracting for two consecutive quarters, IMF's mission chief to Russia said Wednesday.
"If we stick to the definition of recession as negative growth for two consecutive quarters, then Russia in this sense is currently experiencing a recession," Antonio Spilimbergo the head of the IMF mission to Russia and adviser to IMF's European Department said at a press conference Wednesday
The IMF notes that the slowdown in the Russian economy, based on pre-existing structural problems, was exacerbated by geopolitical uncertainties related to the conflict in Ukraine.
Russian Ministry of Economic Development, seasonally adjusted GDP in the first quarter of 2014 decreased by 0.5 % against the same period last year. This is a first-time decline after three consecutive quarters of growth, the ministry reminded Tuesday. At the same time Russian Ministry of Finance last week did not rule out a possible decline in the second or third quarter.
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