Russian Economy Minister Yakov Urinson told a group of British businessmen in Moscow yesterday that the government has revised its forecast of economic growth this year from the original two percent to 1.2 percent. Urinson blamed this on ongoing upheaval in global markets and said it was not a reflection of weakness in the Russian economy. Gross domestic product grew in Russia by 0.4 percent — the first economic growth the country has recorded since the launch of market reforms in 1992. Urinson said the Russian government is keen to encourage foreign investment. He expressed confidence that the new tax code due soon to be debated by parliament, plus the introduction of western accounting standards in Russian businesses, will improve investor confidence in the months to come. (Russian agencies, February 11)
Russian Cargo Plane Makes it to Baghdad.