Eastern Europe

Economic Turmoil May Lead to Recession Sharp falls in the global price of oil and metals, and the deepening financial crisis, have had a damaging impact on the Russian economy. The downturn is expected to continue this year, experts say. The European Bank for Reconstruction and Development (London) forecasts that Russian GDP growth will slow to 4% in 2009, from 7.3% last year. Some say growth could be even lower, however. GDP is expected to contract in the next two quarters and the Ministry of Economic Development and Trade (Moscow) recently forecast that...

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