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Briefing

Russia: Economic Profile

Appears in: Emerging Markets, Europe, Macroeconomy, Commonwealth of Independent States, Emerging Europe and CIS, Russia, Russia, CIS and the Caucasus, Growth Outlook and Business Cycle

Critical Issues

Background:

In 2008, Russia was hit hard by the withdrawal of foreign portfolio flows and banking flows and the reduction in oil and gas demand. Despite the institution of policies designed to respond to the crisis and the stabilization of the ruble, vulnerabilities remain, including the weaknesses of banks and corporate balance sheets. Meanwhile the response to the crisis exacerbated the weak domestic investment environment in Russia, particularly in the regions. Industrial production remains weak, (especially in heavy industry), and consumption restrained. The increase in the oil price from US$35 per barrel to around US$70 per barrel reduced Russia's withdrawals from its savings, but may also allow policy makers to avoid necessary structural reforms.

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Associated Readings

Analysis The World Bank Jun 16, 2010 Russian Economic Report: A Bumpy Recovery Analysis Carnegie Endowment for International Peace Sam Greene June 2009 Domesticating Russia’s Economic Crisis Analysis IMF Alan Rousso, Erik Berglöf and Alexander Plekhanov Jun 11, 2009 Russia: A Tale of Two Crises Analysis Moscow Times Ovanes Oganisian May 04, 2009 The Future Landscape of the Russian Stock Market

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