With GDP growth under 7 per cent and manufacturing growth under two per cent in 2008, the recession has already began in Russia, a top economic official said today.
"The recession in the Russian Federation has began and I am afraid this will not be limited to two quarters," Deputy Economic Development Minister Andrei Klepach said.
According to 'Finmarket' wire service, Klepach said that in 2008, the GDP growth rate will be 6.8 per cent and industrial output growth will come down to 1.9 per cent due to sharp drop in industrial production during November-December.
