By Emre Gurkan Abay and Emir Yildirim
ISTANBUL (AA) - Russia is on the verge of falling into a recession despite the country’s strong performance in the first quarter, as investments decline, the country’s economy development minister said on Thursday.
Speaking at the Petersburg International Economic Forum, Maxim Reshetnikov said current interest rates are hindering new projects financed by loans but also investments.
He said the Russian economy is cooling down and Central Bank decisions will carry great importance moving forward.
On June 6, Russia’s Central Bank lowered its policy rate for the first time since September 2022, from 21% to 20%.