Russia Economic Report, No. 36, November 2016 : The Russian Economy Inches Forward - Will that Suffice to Turn the Tide?
Global growth is weak. It slowed down to 2.2 percent in the first half of 2016. While the Brexit vote has had a limited impact on global growth so far, growth in advanced economies (AE) has been disappointing. Amidst external headwinds, the recessi...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/424231478762595715/The-Russian-economy-inches-forward-will-that-suffice-to-turn-the-tide http://hdl.handle.net/10986/25357 |
| Summary: | Global growth is weak. It slowed down to
2.2 percent in the first half of 2016. While the Brexit vote
has had a limited impact on global growth so far, growth in
advanced economies (AE) has been disappointing. Amidst
external headwinds, the recession continues in Russia,
although the pace of gross domestic product (GDP) decline
has slowed down. After a prolonged recessionary period,
headline economic and financial trends and indicators are
now picking up. Fiscal tightening at the federal level may
also adversely affect the performance of some regions. For
2016, the authors project growth of the Russian economy at
-0.6 percent, an improvement from earlier June forecast of
-1.2 percent. This growth upsurge, however, is unlikely to
turn the tide in terms of building a more diversified
economy. While a detailed analyses of structural issues is
beyond the scope, bolstering investor sentiment towards
Russia by reducing policy uncertainty will help. One
important step forward, particularly in light of eroding
fiscal buffers with the reserve fund expected to be depleted
in 2017, is a return of the medium-term fiscal framework. |
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