Russia's economy minister says the country is on 'the brink of recession'
Source: Associated Press
Updated 12:11 PM EDT, June 19, 2025
ST. PETERSBURG, Russia (AP) — Russia’s economy is “on the brink of going into a recession,” the country’s economy minister said Thursday, according to Russian media reports.
Economy Minister Maxim Reshetnikov delivered the warning at the St. Petersburg International Economic Forum, the annual event in Russia’s second largest city designed to highlight the country’s economic prowess and court foreign investors.
Russian business news outlet RBC quoted the official as saying “the numbers indicate cooling, but all our numbers are (like) a rearview mirror. Judging by the way businesses currently feel and the indicators, we are already, it seems to me, on the brink of going into a recession.”
The economy, hit with a slew of sanctions after the Kremlin sent troops into Ukraine in February 2022, has so far outperformed predictions. High defense spending has propelled growth and kept unemployment low despite fueling inflation. At the same time, wages have gone up to keep pace with inflation, leaving many workers better off.
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Read more: https://apnews.com/article/russia-economy-recession-ukraine-conflict-9d105fd1ac8c28908839b01f7d300ebd
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