Posted on 12/14/2008 1:59:26 AM PST by TigerLikesRooster
Kremlin denies minister's acknowledgment of recession in Russia
(RTTNews) - The Kremlin issued a clarification correcting Russia's chief macroeconomic planner's acknowledgment Friday that a recession has begun in the country.
Deputy Economic Development Minister Andrei Klepach told reporters that a recession has started. "We will face two quarters of economic decline, and I'm afraid, it won't be over in two quarters," he added.
A recession is defined as at least two consecutive quarters of negative economic growth in a country.
(Excerpt) Read more at nasdaq.com ...
Russia is back to the days of reality is what we say it is.
In unrelated news, Deputy Economic Development Minister Andrei Klepach has taken on a new post in Siberia.
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