Russian economy cooling faster than expected - ministry

The Russian economy is cooling faster than previously expected, Russia's Economic Development Minister Maxim Reshetnikov said on the sidelines of the Eastern Economic Forum.

"The latest data indicate that the economy is cooling faster than expected," Reshetnikov said.

The minister said the Economic Development Ministry is in the final stage of updating its macroeconomic forecast, working out various possibilities, including stress ones, assessing all factors and challenges, the current dynamic, the situation in the global economy.

According to him, a number of indicators in the baseline scenario will be revised for "understandable reasons" compared to the April scenario conditions.

"We're in the final stage. We'll submit the forecast to the government soon," Reshetnikov said.