The Russian economy may find itself in recession by the fall of 2013 if the country does not take measures to stimulate GDP growth. This Interfax reports. was stated by Russian Minister of Economic Development Andrei Belousov,

The minister commented on the situation with Russia's GDP a day after his ministry lowered the official forecast for economic growth in 2013 from 3.6 to 2.4 percent.

At the end of 2012, the Russian economy grew by 3.4 percent, but the main growth occurred at the beginning of the year. Since the second half of 2012, the rate of GDP growth has been declining. At the end of March, Belousov's deputy, Andrei Klepach , reported that in February, economic growth in annual terms was only 0.1 percent. In January, this figure was at the level of 1.6 percent, in December - at the level of 2.4 percent.

The rate of economic growth in Russia is declining against the backdrop of relatively low demand for Russian exports, stable oil prices, declining investment in fixed assets and a decline in industrial production. The country's leaders Vladimir Putin and Dmitry Medvedev previously stated that Russia needs sustainable GDP growth of 5-6 percent per year.

Typically, the word recession refers to a “technical recession,” that is, a contraction of the economy for two consecutive quarters. At the same time, the term can also mean simple stagnation of the economy or its uncritical contraction.

The Ministry of Economic Development warned that the country was sliding into recession