Moody’s downgrades Russia by a point

Moody’s downgrades Russia: Russia’s GDP will shrink by 4% this year instead of the 3% previously forecast, the vice-president of Moody’s Investors Service Alexander Proklov said this week.  Proklov also stressed that the recession will last longer in Russia than in 2008-2009, as the price of oil will continue to fluctuate at low levels. Moody’s also believes that  inflation will stay  high next year  and that consumer spending will therefore continue to shrink.

Source: Lenta