Economic Development: recession is knocking at the door

Economic Development Ministry forecasts decline of Russia's GDP in 2009 to 0.2 percent., Told Interfax a source in one of the departments of finance and economic bloc, with reference to the new calculations of the Ministry. As reported, the Ministry of Economic Development revised macroeconomic forecast for 2009 based on the average oil price $ 41 per barrel in 2009, the average annual rate 35.1 rubles per dollar and inflation 13 percent. Previous forecasts of the Ministry, made in December, suggested Russia's economic growth in 2009 at 2.4 percent. Economic Development and Trade has also increased the forecast decline of industrial production in 2009 to 5.7 percent. against a decline of 3.2 percent. on the previous forecast. In addition, the new forecast of the Ministry, the investment in fixed assets in 2009 decreased by 1.7 percent. against the previously expected growth at 1.4 percent.