Russians told to tighten belts as economy set to shrink 5%

February 2, 2015 1:00 AM

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Russians told to tighten belts as economy set to shrink 5%

As standoff over Ukraine intensified last year, so did capital flight from Russia

With no end in sight to a slump in oil prices that halved the rouble’s value against the dollar last year, Russia has urged its people to tighten their belts. With inflation at 12.5 per cent, state and private companies are warning of likely job cuts, and the country’s economy is predicted to shrink...

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