Russian Federation: Staff Report for the 2015 Article IV Consultation

Volume/Issue: Volume 2015 Issue 211

Publication date: August 2015

ISBN: 9781513502441

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Topics covered in this book

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Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , Money and Monetary Policy , ISCR , CR , oil price benchmark , Russia , exchange rate , government , resolution framework , financial asset , ruble depreciation , increase competition , public finance , cost of capital , Oil prices , Exchange rates , Correspondent banking , Inflation , Global , Baltics

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Summary

This 2015 Article IV Consultation highlights that Russia entered 2014 with declining potential growth owing to the stabilization of oil prices, stalled structural reforms, weak investment, declining total factor productivity, and adverse population dynamics. In addition, the ongoing slowdown was exacerbated by the dual external shocks from the sharp decline in oil prices and sanctions. The authorities took measures to stabilize the economy and the financial system. Russia is expected to be in recession in 2015 owing to the sharp drop in oil prices and sanctions. Growth should resume in 2016 while inflation continues to decline.