Putin says Russia's economy will reboundDecember 18, 2014 - 14:43 AMT PanARMENIAN.Net - President Vladimir Putin said on Thursday, Dec 18, Russia's economy will rebound after the ruble's collapse against the dollar but warned that it could take two years for the country to emerge from crisis. Russia's economy is heading into recession in what one minister called a "perfect storm" of low oil prices, Western sanctions in the Ukraine crisis and global economic problems. The rouble is down 46 percent against the dollar this year. "If the situation develops unfavorably, we will have to amend our plans. Beyond doubt, we will have to cut some (spending). But a positive turn and emergence from the current situation are unavoidable," Putin said. "The growth of the global economy will continue and our economy will rebound from the current situation." He said Russia must diversify its economy to reduce dependence on oil, its major export and a key source of state income and a recovery could start at some point next year. The rouble was more than 2 percent weaker on the day, despite central bank action to prop up the currency and around 45 percent down against the dollar this year. Related links: Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | President stresses Armenia’s clear position to achieve peace On the eve of the International Francophonie Day, the Armenian President met with French intellectuals. Termination of servicing of MIR cards. IDBank It will not be possible to ensure the full operation of MIR cards in IDBank’s POS-terminals and ATMs Kazakh Foreign Minister arrives in Armenia Kazakh Foreign Minister Murat Nurtleu on Monday, March 18 arrived in Armenia for a two-day trip. Aliyev touts “good chances” for normalizing ties with Armenia Azerbaijani President Ilham Aliyev has declared that there are “good chances” for normalizing relations with Armenia. |