Article source
The Wall Street Journal
Article date
Tue, Apr 29, 2014
MOSCOW—Russia has already slid into recession and its central bank should be ready to tighten monetary policy, while the government needs to consider tightening fiscal conditions, the head of the International Monetary Fund's mission to Russia, Antonio Spilimbergo, said Wednesday.
Hit by geopolitical crisis in neighboring Ukraine, Russia is on track to post a 0.2% economic growth this year, the IMF forecasts, slashing its growth projection from 1.3%.
"Current projections are contingent on a gradual resolution of geopolitical tensions. Continued conflict could lead to additional sanctions and deterioration of confidence that could reduce investment and growth further," the IMF said in a statement.
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