Report: Minister says Russian economy seeing crisis of demand

MOSCOW, May 27 (PRIME) -- The Russian economy is experiencing a crisis of demand as the population and the companies are not spending enough money, Economic Development Minister Maxim Reshetnikov told channel Rossiya 24 on Friday.

"Our economy is developing what we call a crisis of demand, when the enterprises, consumers, the population do not spend enough money in the economy," Reshetnikov said.

The latest weekly report of the cashiers' data signaled a 10% decline from the level of February 13–19.

At the same time, there is no supply crisis contrary to what authorities expected. "During communication with the enterprises we understand that they are proactively working on the rewiring of production processes, they have a calm approach to the production situation," Reshetnikov said.

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