For the third quarter in a row, economic growth predictions have been revised downwards.
Now standing at just 1.1%, the growth figure has hit its lowest estimation since economic crisis hit the nation in 2007, sending the growth level plummeting to a record low of 0.7%.
Finance Minister Yevgeniy Kalandarshivilli said the figure was low following ‘six months of instability’ given recent crises in the Gallian region. But, for his critics, the Finance Minister is ‘just making excuses’. The leader of the Federal Council, Ivan Tattar, suggested the Minister must re-think his tax agenda as private sector profits rise for the fourth month in a row, yet tax receipts continue to fall.
Mr Tattar said the government was ‘out of touch’ and taking ‘reckless risk’ with the economy.
