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<div id='article-page'><div id='article-content' data-media-url='//news-app-staging.s3.amazonaws.com' data-base-url='//news-app-staging.herokuapp.com' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/373/itn.mp3' data-capture-url='//staging.analytics.lingraphica.com/events/capture_news' data-article-title='IMF: Western Sanctions Could Hurt Russias Economy' data-article-id='704'><script src='//news-app-staging.herokuapp.com/javascripts/getscripts.js'></script><link rel='stylesheet' href='//news-app-staging.herokuapp.com/stylesheets/article.css' type='text/css' /><div class='article'><p><span data-start-time='0' data-end-time='10000'>The International Monetary Fund says sanctions linked to the crisis in Ukraine could end up hurting Russia’s economy. </span> <span data-start-time='10000' data-end-time='25964'>The IMF says the sanctions could lead to a nine percent drop in Russia’s gross domestic product or GDP -- the value of all its goods and services.</span> </p><p><span data-start-time='25964' data-end-time='37120'>The Russian economy shrank over the past year because of Western measures aimed at punishing Russia for its actions in Ukraine. </span> <span data-start-time='37120' data-end-time='42449'>Russian measures against the West also hurt the economy. </span> <span data-start-time='42449' data-end-time='54376'>In addition, low prices for oil exports increased pressure on the value of Russian money and the country’s finances.</span> </p><p><span data-start-time='54376' data-end-time='60680'>Now, the Russian economy is showing signs of stabilization. </span> <span data-start-time='60680' data-end-time='66848'>The economy no longer appears to be as weak as it once was.</span> </p><p><span data-start-time='66848' data-end-time='77891'>Last year, Western countries ordered restrictions that limited financing for major Russian banks and energy companies. </span> <span data-start-time='77891' data-end-time='85782'>The West also restricted high-technology exports to Russia’s energy industry. </span> <span data-start-time='85782' data-end-time='93175'>In reaction, the Russian government banned imports of most Western food products.</span> </p><p><span data-start-time='93175' data-end-time='109841'>The International Monetary Fund estimated the immediate effect of sanctions and Russian actions against the West reduced Russia’s GDP by up to 1.5 percent. </span> <span data-start-time='109841' data-end-time='117324'>The IMF said its estimate rose to nine percent over the next few years. </span> <span data-start-time='117324' data-end-time='126122'>But IMF officials said their findings were based on economic models, and they could change.</span> </p><p><span data-start-time='126122' data-end-time='137460'>The IMF also predicted “weak” economic growth of about 1.5 percent a year in Russia over the next few years. </span> <span data-start-time='137460' data-end-time='147166'>The economy was growing about seven percent a year before the world financial crisis in 2008.</span> </p><p><span data-start-time='147166' data-end-time='159887'>The IMF said, “Slow-moving structural reforms, sluggish investment and adverse population dynamics are all part of the picture.” </span> <span data-start-time='159887' data-end-time='171791'>It urged Russia to reduce the involvement of the state in the economy, protect property rights and increase competition.</span> </p><p><span data-start-time='171791' data-end-time='186780'>The IMF said Russia would return to economic growth next year as a weaker value for its money increased competitiveness and overseas demand increased. </span> <span data-start-time='186780' data-end-time='193991'>It also predicted that financial conditions in the country would normalize.</span> </p><p><span data-start-time='193991' data-end-time='204535'>The Fund also predicted a growth rate of two-tenths of one percent next year following shrinkage of 3.4 percent this year.</span> </p><p><span data-start-time='204535' data-end-time='215374'>Inflation was predicted to slow to about 12 percent by the end of this year and then eight percent by the end of next year.</span> </p><p><span data-start-time='215374' data-end-time='225782'>The IMF praised the central bank’s policy of reducing its main interest rate in line with underlying inflation. </span> <span data-start-time='225782' data-end-time='232086'>But, it added that the rate of reductions needed to be “prudent.”</span> </p><p><span data-start-time='232086' data-end-time='234195'>I'm Mario Ritter.</span> </p></div><div class='control-buttons-sticky' style='display:none;'><div class='control-buttons'><button title='Back' class='back' disabled='disabled'></button><button title='Play' class='play' disabled='disabled'></button><button title='Pause' class='pause' style='display:none;'></button><button title='Forward' class='forward' disabled='disabled'></button><button class='finished-reading' style='display:none;'>Done</button></div></div></div><div id='article-media'><div id='media-image'><img src='https://news-app-production.s3.amazonaws.com/articles/373/russia_image.jpg'/></div></div><div id='question-content' style='display:none;'><div class='vocabulary_question question-container' data-question-id=3650 data-hint-location='93175' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/373/what_does_sanction_mean.m4a'>What does sanction mean?</div><div class='choices' data-correct-choice='a measure designed to punish someone or something'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/373/moving_very_slowly.m4a'><span>moving very slowly</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/373/a_measure_designed_to_punish_someone_or_something.m4a'><span>a measure designed to punish someone or something</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/373/a_violent_storm.m4a'><span>a violent storm</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/373/the_main_idea.m4a'><span>the main idea</span></div></div></div><div class='multiple_choice_question question-container' data-question-id=3651 data-hint-location='0' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/373/what_did_the_sanctions_hurt.m4a'>What did the sanctions hurt?</div><div class='choices' data-correct-choice='Russia's economy'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/373/literacy_rates.m4a'><span>literacy rates</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/373/immigration.m4a'><span>immigration</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/373/russias_economy.m4a'><span>Russia's economy</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/373/ukraines_economy.m4a'><span>Ukraine's economy</span></div></div></div><div class='sentence_completion_question question-container' data-question-id=3652 data-hint-location='25964' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/373/russia_was_punished_for_its_actions_in__blank__.m4a'>Russia was punished for its actions in <span class='blank'>Ukraine</span>. </div><div class='choices' data-correct-choice='Ukraine'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/373/ukraine.m4a'><span>Ukraine</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/373/pakistan.m4a'><span>Pakistan</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/373/georgia.m4a'><span>Georgia</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/373/peru.m4a'><span>Peru</span></div></div></div><div class='question-buttons'><button class='skip-button'></button><button class='hint-button'></button><button class='speak-button'></button></div></div></div>
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