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It forecast annual growth falling to just 1.5%.
Russia was already experiencing a slowdown, with growth falling to 1.3% in 2013 and investment declining.
Faster economic growth, falling poverty and rising government spending meant that presidents were popular.
Foreign trade has not helped, with export and import growth falling sharply as well.
Historically, low or negative growth has meant rising unemployment, fast growth falling unemployment (Okun's Law).
Rio Tinto is even more sanguine: it does not foresee China's growth falling below 8%.
Similar(9)
Potential growth falls with slower labour growth.
Earnings growth fell in 2013.
After then, pay growth fell considerably.
In the third quarter, growth fell to 5percentt.
Excluding bonuses, earnings growth fell from 2%to1.8%8%.
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