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. Last Updated: 07/27/2016

Output slump is forecast by Russian leaders

The Russian government's program of deep economic reforms submitted to parliament last week forecasts sharp production slumps in most major industries this year, according to Ekonomika i Zhizn, a weekly economics newspaper.

The 300 page document, compiled by economists and government experts, estimates that industrial production will decline some 13 percent this year, while construction and agricultural production are expected to plummet 30 and 11 percent, respectively.

The report also notes a 5 percent. budget deficit over the same period, but warns that "if non-payments by enterprises are subsidized, the deficit figure may amount to 13-14 percent".

The money supply is expected to reach 5, 000 billion rubles this year, with ready cash in circulation of roughly 1, 000 billion. Inflation may range as high as 2, 400-2, 900 percent.