Russia's economy will probably see "subdued" growth next year, with "significant downside risks" from Europe's spreading debt crisis, the chief of the International Monetary Fund's Russia mission, Juha Kahkonen, said Thursday.
Gross domestic product will probably expand 3.5 percent in 2012 from 4.1 percent this year, Kahkonen said. "We think that the priority for economic policies in Russia should now be to take action to mitigate the risks and have plans to act in case the risks materialize," he said.
Russia's "significant" capital outflows escalated this year because investors resorted to a "flight to safety" amid Europe's debt crisis, Juha Kahkonen said.
(Bloomberg)
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