DHAKA: Russian economy minister Alexei Ulyukayev said the ministry sees the country’s economy shrinking 3 percent in 2015 and inflation of 12 percent by the end of the year.

The Interfax news agency cited him as saying on Saturday, reports The Straits Times.

Earlier, the minister said it was basing its macroeconomic forecast scenario at an average price of oil, Russia’s chief exports, of US$50 per barrel.

Ulyukayev also said that Russia is likely to see some US$115 billion in net capital outflow this year.

Capital investment, cash invested in firms’ tangible goods such as building and infrastructure, is likely to fall by 13 percent this year and retail sales by 8 percent, he said.

BDST: 2018 HRS, JAN 31, 2015