Russia’s GDP is expected to shrink by 3% in 2015 with oil prices at $50/bbl and an estimated capital outflow at $115B, said the country's economy minister, over the weekend. Inflation in 2015 is now forecast to stand at 12%, up from the previous estimate of 7.5%, he added. The announcement comes just days after the Russian central bank unexpectedly lowered its key interest rate by two percentage points to 15%, and almost a week after the country's credit rating was cut to "junk status" at Standard & Poor's.