The struggling economy in Russia is already facing more challenges, including currency volatility, deteriorating oil prices and sanctions by the West. However, Arkady Dvorkovich, the prime minister, feels that this is not likely to affect the economy. Despite the 0.6 percent economic growth in the country in 2014, the dropping oil prices are likely to cause a slump in Russia economy.
According to the International Monetary Fund, the economy is likely to drop by 3.8 percent in 2015 and about 1.1 percent in 2016. However, Dvorkovich insists that the country has enough reserves to withstand this turbulence. He further said that the current situation gives the agricultural exports and manufacturing sector a competitive edge in the global markets.
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