Russia is out of recession

Russia is out of recession and its economy will grow by two percent
in the fourth quarter owing to a rise in oil prices, Finance Minister
Alexei Kudrin was quoted as saying on Saturday. "We now see that the
Russian economy is starting to grow... it is out of recession,"
Kudrin told the Interfax news agency. "In the fourth quarter, we
already expect growth above two percent, mainly due to rising oil
prices," he added. "As long as oil prices range between 70 and 80
dollars per barrel, there will be growth," the finance minister said,
claiming any drop off would be a result of market "speculation."
Kudrin said that is why the government had made its growth forecasts
based on oil prices remaining at 58 to 60 dollars -- oil accounts
for around 60 percent of Russia's total exports. The Russian
economy, which is also driven by exports of gas and other
commodities, was badly hit by the global financial crisis after
enjoying years of strong growth but officials have said the worst of
the crisis might be over.