Russian Growth Slows

Russia's Economy Ministry has cut the country's growth forecast for 2008.The economy is now expected to expand at 6.8-7%,instead of the previous estimate of 7.3%.The 7.3% estimate had itself been lowered from 7.8% in October.The Russian economy,rooted in energy production,has fallen out of a 10 year boom as ailing credit markets hindered banks,brokerages,builders,metal and chemical firms.Meanwhile,the country is mourning the death of His Holiness Alexei II,Patriarch of Moscow and All Russia,who,as primate of the Russian Orthodox Church,led about two-thirds of the Russian people in their spiritual lives.Patriarch Alexei,79,was known for largely restoring the Church to its pre-revolutionary position in Russian life,repairing many old churches and building new ones.He had suffered from heart trouble.