The World Bank released a grim report on Russia’s economy. The Bank predicts a contraction of 4.5 percent this year and warns that the financial crisis could push nearly six million Russians into poverty. Despite worries (arguably small) of civil unrest due to unemployment, the public comments of Russia’s leaders still reflect assertive foreign policies.
In a separate release, the World Bank forecasts world trade in goods and services to shrink by over six percent and global growth to shrink by 1.7 percent in 2009.
Photo from James Hill/New York Times.
