Economic Outlook and Stock Market

stock market: The news caused the stock market to drop and pushed the ruble to a fresh record low against the dollar, according to The Toronto Star, Canada. Russias economic outlook is at the mercy of the global market for oil, a key export that finances the bulk of the state budget. Sanctions over Moscows role in eastern Ukraine are making things worse, hurting Russian banks and investment sentiment in particular and The Russian government has acknowledged that the country will fall into recession next year, battered by the combination of Western sanctions and a plunge in the price of its oil exports. The economic development ministry on Tuesday revised its GDP forecast for 2015 from growth of 1.2 per cent to a drop of 0.8 per cent. Russian households are expected to take hit, with disposable income seen declining by 2.8 per cent against the previously expected 0.4 per cent growth. (news.financializer.com). As reported in the news.