Putin declare economic crisis over in Russia.  Putin said Russia has passed the worst of its economic crisis after it was hit by the slump in oil prices that forced the government to lower forecasts and revise its strategy.

The “peak of the economic crisis has passed” amid signs of stabilization in business activity in the second quarter.. Russia set out its plans at the beginning of 2014 based on oil at $100 a barrel, though crude prices fell by half and everything had to be recalculated, while a price of $50 per barrel for 2016 is “very optimistic,” he said.

The government sees gross domestic product growing by 0.7 percent next year and it won’t rush to alter the budget. Putin gave his support to the central bank, saying interest rate cuts can’t be forced and must be based on economic reality. The threat facing Russia is inflation, while other countries are dealing with the challenge of deflation, he said.