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Russia's economy would contract by 7.5% in 2009, President Dmitry Medvedev said. The country's economy, which is highly dependent on oil exports, has suffered this year, as energy prices saw a downward trend from last year.
Speaking to the Russian television, the president added that although the rouble had declined against the dollar in the first months of the financial crisis, the currency was now calm and stable. "The real damage to our economy was far greater than anything predicted by ourselves, the World Bank and other expert organisations," Medvedev said.
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