by William T. Wilson
The Heritage Foundation
May 21, 2014
For the Russian economy, winter has come early this year. After cruising at a respectable 3–4 percent rate of growth earlier this decade, Russia’s pace of expansion sharply decelerated toward the middle of 2012. According to Alexei Ulyukayev, the minster of economic development, the economy contracted for the first time since the 2008 recession during the first quarter of 2014. While Russia’s geopolitical tensions are certainly adding to the downward spiral in growth—and with a recession likely in 2014—growth collapsed well before the Kremlin’s Ukraine debacle.

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