RUSSIAN RECESSION DEEPENS.

Total Russian output (GDP) shrank in the first 10 months of this year by 6 percent over the first ten months of 1995. (Interfax, AP, November 14) This means that the decline in output is slightly worse than it was at the half-year mark, and that the outcome for 1996 as a whole will be worse than either the Russian government or the IMF and the OECD were predicting earlier this year.

Shortfall in Revenues from Privatization.