Russian economy contracts as high interest rates and tax hikes hit growth

Sberbank has cut ​its gross domestic product growth forecast for ‌Russia to 0.5 per cent to 1 per cent from between 1 per cent and 1.5 per cent, after a poor first-quarter economic performance. Russia’s ​largest bank updated its forecasts ahead of ​the release of a preliminary first-quarter GDP ⁠estimate by the Economy Ministry on […]