Russia’s Q3 GDP numbers are out and its a miss.
GDP expanded by just 1.2%, which was below the 1.4% expected.
“The pace of Russia’s economic growth will fall behind the global average in the forecast period,” said Economy Minister Alexei Ulyukayev last Thursday.
The economy ministry sees GDP averaging 2.5% growth per year through 2030.
Many blame President Vladimir Putin for not diversifying the economy away from oil, which has seen prices stagnate and demand weaken as the world becomes more energy-efficient and shifts toward cleaner alternatives.
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