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 | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. |