International Business
No Economic Recovery Seen for Russia in ‘95: Economic prospects for Russia are gloomy, with little chance of any recovery in production, employment and living standards in the next year, according to a United Nations report. The report by the U.N. Economic Commission for Europe said the forecast for other former Soviet states was even worse, but that economic revival in most East European countries would continue. The U.N. blamed the depth of the recession on a “restrictive but incoherent monetary policy,” which had led to sharp cuts in domestic demand. The ECE put Russia’s unemployment rate at 12%.
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