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Emerging Markets Quarterly

Russia: Lackluster Recovery as Stimulus Breeds Inflation

By Rachel Ziemba
Oct 22, 2010 | Last Updated

Economic Fundamentals: Uncertain Growth but High Yields

Russia’s lackluster and policy-induced economic recovery (RGE expects 4% growth in 2010 and 4.5% in 2011 as in the September 2010 Outlook update) has kept it from attracting the capital flows that some other large emerging market (EM) countries in Asia and Latin America. While government stimulus supported a revival of private consumption and oil price and production increases have revived exports, investment remains weak. High—if falling—interest rates have been the primary driver of inflows, and debt flows far outstripped[...]

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