KAZAN, Tatarstan -- Tatarstan's Economy Ministry has forecast an 18 percent GDP decrease in 2009, RFE/RL's Tatar-Bashkir Service reports.
Tatar Prime Minister Rustam Minikhanov told his cabinet in a meeting on January 27 that 2009 will be a difficult "year of survival" for Tatarstan.
The calculations are largely based on the poor state of the economy in December.
Before the announcement, the Tatar government was optimistic about the republic's economy, relying on pre-crisis growth figures.
However, the plunge in international oil prices proved that the global economic slowdown would also hit Tatarstan's economy.
The Tatar economy is largely dependent on oil and oil products.
Tatar Prime Minister Rustam Minikhanov told his cabinet in a meeting on January 27 that 2009 will be a difficult "year of survival" for Tatarstan.
The calculations are largely based on the poor state of the economy in December.
Before the announcement, the Tatar government was optimistic about the republic's economy, relying on pre-crisis growth figures.
However, the plunge in international oil prices proved that the global economic slowdown would also hit Tatarstan's economy.
The Tatar economy is largely dependent on oil and oil products.