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IMF Cuts Russia's 2014 Growth Forecast

The International Monetary Fund said Russia is in a recession, experiencing negative economic growth for two quarters in a row. The IMF on Wednesday also slashed Russia's growth forecast for 2014 from 1.3 percent to 0.2 percent due to the effect of the Ukraine crisis on investment. IMF economist Antonio Spilimbergo told reporters the decision took into account "the significant level of uncertainty" related to geopolitical tensions and sanctions. Russia's economy...

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