Anders Aslund of the Peterson Institute for International Economics predicts a 10% decline in Russia's 2015 GDP.
Another proposed definition of depression includes two general rules:
a decline in real GDP exceeding 10%, or
a recession lasting 2 or more years.
Worldwide GDP fell by 15% from 1929 to 1932. Between 1929 and 1933, the gross national product of the United States decreased by 33% while the rate of unemployment increased to 25%.
![]()
Read more »![]()
![]()
![]()
![]()
![]()
![]()
![]()
![]()
![]()
![]()
![]()
Since November 2014, it has been obvious that the Russian economy would shrink sharply this year, and the January statistics indicate a serious decline has started. The Russian Ministry of Economic Development has forecast a decline of GDP of 3 percent this year, while the Central Bank of Russia predicts a decline of 4.5 to 5 percent at an oil price of $50 per barrel. These forecasts appear overly optimistic. An abrupt fall of 10 percent seems more likely, because key Russian indicators look worse than in 2009, when Russia's GDP contracted by 8 percent.
Another proposed definition of depression includes two general rules:
a decline in real GDP exceeding 10%, or
a recession lasting 2 or more years.
Worldwide GDP fell by 15% from 1929 to 1932. Between 1929 and 1933, the gross national product of the United States decreased by 33% while the rate of unemployment increased to 25%.
Read more »
