Russian Economic Report, No. 28, Autumn 2012 : Reinvigorating the Economy
Early in the year, as the global economy was slowing and the euro area entered a recession, Russia's economy held steady. But now, as 2012 is entering its final quarter, growth is slowing. Just at a time when Russia's output levels have e...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/131711468306832128/Reinvigorating-the-economy http://hdl.handle.net/10986/26689 |
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okr-10986-26689 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English en_US |
| topic |
ACCOUNTING AIR AIR POLLUTION ATMOSPHERIC EMISSIONS AUCTION BALANCE OF PAYMENT BANK LENDING BANKING SECTOR BANKING UNION BASIS POINTS BOND BORROWING CAPACITY BOTTLENECKS BRIDGE BUDGET DEFICIT BUDGET SURPLUS BUS BUS FLEET BUS OPERATION BUS OPERATORS CAPITAL ACCOUNT CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL OUTFLOWS CAR CAR OWNERSHIP CAR OWNERSHIP GROWTH CARBON MONOXIDE CDS CENTRAL BANK CITY STREETS CITY TRAFFIC CONSUMER CREDIT CREDIBILITY CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT EXPANSION CREDIT GROWTH CREDIT QUALITY CRUDE OIL PRICE CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT SURPLUS DEBT CAPITAL DEBT REPAYMENTS DEBT STOCK DEPOSIT DEVELOPING COUNTRIES DISPOSABLE INCOME DOMESTIC DEMAND DRIVERS ECONOMIC DEVELOPMENTS ECONOMIC POLICIES ECONOMIES OF SCALE EMERGING ECONOMIES EMERGING MARKETS EMISSION EMISSION STANDARDS ENERGY CONSUMPTION EXCHANGE RATE MOVEMENTS EXPENDITURE EXPENDITURES EXPORTERS EXTERNAL DEBT EXTERNALITIES FARE REVENUES FARES FEDERAL BUDGET FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL PERFORMANCE FINANCIAL SUSTAINABILITY FISCAL BALANCE FISCAL DEFICIT FISCAL POLICY FIXED CAPITAL FIXED INVESTMENT FLEET REPLACEMENT FLEETS FLEXIBLE EXCHANGE RATE FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE RESERVES FUEL FUEL CONSUMPTION FUTURES GASOLINE GLOBAL ECONOMY GLOBAL MARKET GLOBAL TRADE GOVERNMENT BUDGET GOVERNMENT DEBT GROUP LENDING HIGHWAYS INCOME GROWTH INCOME LEVEL INFLATION INFLATIONARY EXPECTATIONS INSTRUMENT INTEREST PAYMENTS INTEREST RATE INTERSECTIONS INVENTORIES INVESTMENT CLIMATE INVESTMENT INCOME JUDICIAL SYSTEM LABOR MARKET LACK OF COLLATERAL LEGAL FRAMEWORK LIMITED LIABILITY LIQUID ASSETS LIQUIDITY LIQUIDITY POSITION LOAN LOCAL CURRENCY LOCAL GOVERNMENTS LONG-TERM DEBT MACROECONOMIC POLICY MARKET CONDITIONS MARKET CONFIDENCE MARKET DEVELOPMENTS MARKET ECONOMY MARKET PARTICIPANTS MONETARY POLICY MONEY MARKET MONEY MARKET RATES MONEY SUPPLY MORTGAGE MOTOR VEHICLES NATURAL DISASTER NON-PERFORMING LOANS OIL MARKET OIL PRICES OIL RESERVE PASSENGERS PEAK HOURS PEDESTRIANS PENSION PENSION FUNDS PENSION SYSTEM PENSIONS POPULATION GROWTH PORTFOLIO POVERTY REDUCTION PRICE CHANGES PRICE STABILITY PRIVATE BANKS PRIVATE CAR FLEET PRIVATE CAR OWNERSHIP PRIVATE CREDIT PRIVATE INVESTORS PRIVATE TRANSPORT PRIVATE VEHICLE PRIVATE VEHICLES PUBLIC DEBT PUBLIC INVESTMENT PUBLIC SPENDING PUBLIC TRANSPORT PUBLIC TRANSPORT MODES PUBLIC TRANSPORT SERVICES PUBLIC TRANSPORT SYSTEM PUBLIC TRANSPORT VEHICLES PUBLIC TRANSPORTATION PURCHASING POWER RAIL RAIL TRANSPORT RATES OF RETURN RECESSION REGULATORY FRAMEWORK REMITTANCES REPO REPO RATE RESERVE RESERVE FUND RETURNS ROAD ROAD CAPACITY ROAD CONGESTION ROAD INFRASTRUCTURE ROAD NETWORK ROAD SAFETY ROAD SECTOR ROAD SYSTEM ROAD TRAFFIC ROAD TRANSPORT ROADS ROUTE SHORT-TERM DEBT SOVEREIGN BONDS SOVEREIGN DEBT STRUCTURAL PROBLEMS TOTAL DEBT TRADE BALANCE TRADING TRAFFIC TRAFFIC ACCIDENTS TRAFFIC CONGESTION TRAFFIC CONGESTION PROBLEMS TRAFFIC FLOWS TRAFFIC MANAGEMENT TRAFFIC SPEEDS TRAM TRANSPORT INFRASTRUCTURE TRANSPORT NETWORK TRANSPORTATION PLANNING TRANSPORTATION SYSTEMS TROLLEYBUSES TRUE UNEMPLOYMENT RATES URBAN TRANSPORT URBAN TRANSPORTATION VEHICLE EMISSIONS VEHICLE FLEET WEALTH |
| spellingShingle |
ACCOUNTING AIR AIR POLLUTION ATMOSPHERIC EMISSIONS AUCTION BALANCE OF PAYMENT BANK LENDING BANKING SECTOR BANKING UNION BASIS POINTS BOND BORROWING CAPACITY BOTTLENECKS BRIDGE BUDGET DEFICIT BUDGET SURPLUS BUS BUS FLEET BUS OPERATION BUS OPERATORS CAPITAL ACCOUNT CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL OUTFLOWS CAR CAR OWNERSHIP CAR OWNERSHIP GROWTH CARBON MONOXIDE CDS CENTRAL BANK CITY STREETS CITY TRAFFIC CONSUMER CREDIT CREDIBILITY CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT EXPANSION CREDIT GROWTH CREDIT QUALITY CRUDE OIL PRICE CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT SURPLUS DEBT CAPITAL DEBT REPAYMENTS DEBT STOCK DEPOSIT DEVELOPING COUNTRIES DISPOSABLE INCOME DOMESTIC DEMAND DRIVERS ECONOMIC DEVELOPMENTS ECONOMIC POLICIES ECONOMIES OF SCALE EMERGING ECONOMIES EMERGING MARKETS EMISSION EMISSION STANDARDS ENERGY CONSUMPTION EXCHANGE RATE MOVEMENTS EXPENDITURE EXPENDITURES EXPORTERS EXTERNAL DEBT EXTERNALITIES FARE REVENUES FARES FEDERAL BUDGET FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL PERFORMANCE FINANCIAL SUSTAINABILITY FISCAL BALANCE FISCAL DEFICIT FISCAL POLICY FIXED CAPITAL FIXED INVESTMENT FLEET REPLACEMENT FLEETS FLEXIBLE EXCHANGE RATE FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE RESERVES FUEL FUEL CONSUMPTION FUTURES GASOLINE GLOBAL ECONOMY GLOBAL MARKET GLOBAL TRADE GOVERNMENT BUDGET GOVERNMENT DEBT GROUP LENDING HIGHWAYS INCOME GROWTH INCOME LEVEL INFLATION INFLATIONARY EXPECTATIONS INSTRUMENT INTEREST PAYMENTS INTEREST RATE INTERSECTIONS INVENTORIES INVESTMENT CLIMATE INVESTMENT INCOME JUDICIAL SYSTEM LABOR MARKET LACK OF COLLATERAL LEGAL FRAMEWORK LIMITED LIABILITY LIQUID ASSETS LIQUIDITY LIQUIDITY POSITION LOAN LOCAL CURRENCY LOCAL GOVERNMENTS LONG-TERM DEBT MACROECONOMIC POLICY MARKET CONDITIONS MARKET CONFIDENCE MARKET DEVELOPMENTS MARKET ECONOMY MARKET PARTICIPANTS MONETARY POLICY MONEY MARKET MONEY MARKET RATES MONEY SUPPLY MORTGAGE MOTOR VEHICLES NATURAL DISASTER NON-PERFORMING LOANS OIL MARKET OIL PRICES OIL RESERVE PASSENGERS PEAK HOURS PEDESTRIANS PENSION PENSION FUNDS PENSION SYSTEM PENSIONS POPULATION GROWTH PORTFOLIO POVERTY REDUCTION PRICE CHANGES PRICE STABILITY PRIVATE BANKS PRIVATE CAR FLEET PRIVATE CAR OWNERSHIP PRIVATE CREDIT PRIVATE INVESTORS PRIVATE TRANSPORT PRIVATE VEHICLE PRIVATE VEHICLES PUBLIC DEBT PUBLIC INVESTMENT PUBLIC SPENDING PUBLIC TRANSPORT PUBLIC TRANSPORT MODES PUBLIC TRANSPORT SERVICES PUBLIC TRANSPORT SYSTEM PUBLIC TRANSPORT VEHICLES PUBLIC TRANSPORTATION PURCHASING POWER RAIL RAIL TRANSPORT RATES OF RETURN RECESSION REGULATORY FRAMEWORK REMITTANCES REPO REPO RATE RESERVE RESERVE FUND RETURNS ROAD ROAD CAPACITY ROAD CONGESTION ROAD INFRASTRUCTURE ROAD NETWORK ROAD SAFETY ROAD SECTOR ROAD SYSTEM ROAD TRAFFIC ROAD TRANSPORT ROADS ROUTE SHORT-TERM DEBT SOVEREIGN BONDS SOVEREIGN DEBT STRUCTURAL PROBLEMS TOTAL DEBT TRADE BALANCE TRADING TRAFFIC TRAFFIC ACCIDENTS TRAFFIC CONGESTION TRAFFIC CONGESTION PROBLEMS TRAFFIC FLOWS TRAFFIC MANAGEMENT TRAFFIC SPEEDS TRAM TRANSPORT INFRASTRUCTURE TRANSPORT NETWORK TRANSPORTATION PLANNING TRANSPORTATION SYSTEMS TROLLEYBUSES TRUE UNEMPLOYMENT RATES URBAN TRANSPORT URBAN TRANSPORTATION VEHICLE EMISSIONS VEHICLE FLEET WEALTH World Bank Russian Economic Report, No. 28, Autumn 2012 : Reinvigorating the Economy |
| geographic_facet |
Europe and Central Asia Russian Federation |
| description |
Early in the year, as the global economy
was slowing and the euro area entered a recession,
Russia's economy held steady. But now, as 2012 is
entering its final quarter, growth is slowing. Just at a
time when Russia's output levels have exceeded the
pre-crisis peak, the economy is settling onto a lower
trajectory, even though oil prices have stayed high. But let
us start with the strong points. The economy had a good
first half of the year. While growth was stalling in Europe
and slowing in other emerging economies, it remained steady
in Russia. Key economic indicators were near or at record
levels: the current account surplus stayed high and the
Central Bank of Russia added to its reserves, helping to
bolster market confidence. Capital outflows, long regarded
as one of the soft spots of Russia's economy, declined
in the second and third quarters of 2012 from the peaks in
the previous two quarters. Whereas many countries in Europe
are struggling with large public debt and high fiscal
deficits, Russia's federal government public debt is
close to single digit and the fiscal balance is in surplus.
Inflation and unemployment rates declined to their lowest
level in two decades. As people's purchasing power
improved and more people had jobs, fewer people were in
poverty than at any time since the beginning of the economic
transition. A challenging external environment and worsening
sentiments among businesses and consumers translate into
weak growth prospects. Excluding the crisis years of 1998
and 2009, growth in 2012 is set to decline to its lowest
rate in a decade and a half. And 2013 is unlikely to look
much better. The weak outlook means that strong,
three-pronged policy action is essential to reinvigorate the
economy. First, economic policies have to ensure stability.
The recent tightening in monetary policy was an important
step in this direction. Second, Russia has to build buffers
against the external volatility. This means replenishing the
reserve fund, moving towards inflation targeting and
strengthening banking supervision. Finally, the government
has to lift the growth potential of the economy. This means
raising productivity and competitiveness, diversifying the
economy, and improving transport connectivity, as discussed
in the last section of this report, in line with its
longer-term economic policy goals. Making headway on this
agenda will enable Russia to lift growth above 4 percent and more. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Russian Economic Report, No. 28, Autumn 2012 : Reinvigorating the Economy |
| title_short |
Russian Economic Report, No. 28, Autumn 2012 : Reinvigorating the Economy |
| title_full |
Russian Economic Report, No. 28, Autumn 2012 : Reinvigorating the Economy |
| title_fullStr |
Russian Economic Report, No. 28, Autumn 2012 : Reinvigorating the Economy |
| title_full_unstemmed |
Russian Economic Report, No. 28, Autumn 2012 : Reinvigorating the Economy |
| title_sort |
russian economic report, no. 28, autumn 2012 : reinvigorating the economy |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/131711468306832128/Reinvigorating-the-economy http://hdl.handle.net/10986/26689 |
| _version_ |
1764462497645985792 |
| spelling |
okr-10986-266892021-04-23T14:04:37Z Russian Economic Report, No. 28, Autumn 2012 : Reinvigorating the Economy World Bank ACCOUNTING AIR AIR POLLUTION ATMOSPHERIC EMISSIONS AUCTION BALANCE OF PAYMENT BANK LENDING BANKING SECTOR BANKING UNION BASIS POINTS BOND BORROWING CAPACITY BOTTLENECKS BRIDGE BUDGET DEFICIT BUDGET SURPLUS BUS BUS FLEET BUS OPERATION BUS OPERATORS CAPITAL ACCOUNT CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL OUTFLOWS CAR CAR OWNERSHIP CAR OWNERSHIP GROWTH CARBON MONOXIDE CDS CENTRAL BANK CITY STREETS CITY TRAFFIC CONSUMER CREDIT CREDIBILITY CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT EXPANSION CREDIT GROWTH CREDIT QUALITY CRUDE OIL PRICE CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT SURPLUS DEBT CAPITAL DEBT REPAYMENTS DEBT STOCK DEPOSIT DEVELOPING COUNTRIES DISPOSABLE INCOME DOMESTIC DEMAND DRIVERS ECONOMIC DEVELOPMENTS ECONOMIC POLICIES ECONOMIES OF SCALE EMERGING ECONOMIES EMERGING MARKETS EMISSION EMISSION STANDARDS ENERGY CONSUMPTION EXCHANGE RATE MOVEMENTS EXPENDITURE EXPENDITURES EXPORTERS EXTERNAL DEBT EXTERNALITIES FARE REVENUES FARES FEDERAL BUDGET FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL PERFORMANCE FINANCIAL SUSTAINABILITY FISCAL BALANCE FISCAL DEFICIT FISCAL POLICY FIXED CAPITAL FIXED INVESTMENT FLEET REPLACEMENT FLEETS FLEXIBLE EXCHANGE RATE FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE RESERVES FUEL FUEL CONSUMPTION FUTURES GASOLINE GLOBAL ECONOMY GLOBAL MARKET GLOBAL TRADE GOVERNMENT BUDGET GOVERNMENT DEBT GROUP LENDING HIGHWAYS INCOME GROWTH INCOME LEVEL INFLATION INFLATIONARY EXPECTATIONS INSTRUMENT INTEREST PAYMENTS INTEREST RATE INTERSECTIONS INVENTORIES INVESTMENT CLIMATE INVESTMENT INCOME JUDICIAL SYSTEM LABOR MARKET LACK OF COLLATERAL LEGAL FRAMEWORK LIMITED LIABILITY LIQUID ASSETS LIQUIDITY LIQUIDITY POSITION LOAN LOCAL CURRENCY LOCAL GOVERNMENTS LONG-TERM DEBT MACROECONOMIC POLICY MARKET CONDITIONS MARKET CONFIDENCE MARKET DEVELOPMENTS MARKET ECONOMY MARKET PARTICIPANTS MONETARY POLICY MONEY MARKET MONEY MARKET RATES MONEY SUPPLY MORTGAGE MOTOR VEHICLES NATURAL DISASTER NON-PERFORMING LOANS OIL MARKET OIL PRICES OIL RESERVE PASSENGERS PEAK HOURS PEDESTRIANS PENSION PENSION FUNDS PENSION SYSTEM PENSIONS POPULATION GROWTH PORTFOLIO POVERTY REDUCTION PRICE CHANGES PRICE STABILITY PRIVATE BANKS PRIVATE CAR FLEET PRIVATE CAR OWNERSHIP PRIVATE CREDIT PRIVATE INVESTORS PRIVATE TRANSPORT PRIVATE VEHICLE PRIVATE VEHICLES PUBLIC DEBT PUBLIC INVESTMENT PUBLIC SPENDING PUBLIC TRANSPORT PUBLIC TRANSPORT MODES PUBLIC TRANSPORT SERVICES PUBLIC TRANSPORT SYSTEM PUBLIC TRANSPORT VEHICLES PUBLIC TRANSPORTATION PURCHASING POWER RAIL RAIL TRANSPORT RATES OF RETURN RECESSION REGULATORY FRAMEWORK REMITTANCES REPO REPO RATE RESERVE RESERVE FUND RETURNS ROAD ROAD CAPACITY ROAD CONGESTION ROAD INFRASTRUCTURE ROAD NETWORK ROAD SAFETY ROAD SECTOR ROAD SYSTEM ROAD TRAFFIC ROAD TRANSPORT ROADS ROUTE SHORT-TERM DEBT SOVEREIGN BONDS SOVEREIGN DEBT STRUCTURAL PROBLEMS TOTAL DEBT TRADE BALANCE TRADING TRAFFIC TRAFFIC ACCIDENTS TRAFFIC CONGESTION TRAFFIC CONGESTION PROBLEMS TRAFFIC FLOWS TRAFFIC MANAGEMENT TRAFFIC SPEEDS TRAM TRANSPORT INFRASTRUCTURE TRANSPORT NETWORK TRANSPORTATION PLANNING TRANSPORTATION SYSTEMS TROLLEYBUSES TRUE UNEMPLOYMENT RATES URBAN TRANSPORT URBAN TRANSPORTATION VEHICLE EMISSIONS VEHICLE FLEET WEALTH Early in the year, as the global economy was slowing and the euro area entered a recession, Russia's economy held steady. But now, as 2012 is entering its final quarter, growth is slowing. Just at a time when Russia's output levels have exceeded the pre-crisis peak, the economy is settling onto a lower trajectory, even though oil prices have stayed high. But let us start with the strong points. The economy had a good first half of the year. While growth was stalling in Europe and slowing in other emerging economies, it remained steady in Russia. Key economic indicators were near or at record levels: the current account surplus stayed high and the Central Bank of Russia added to its reserves, helping to bolster market confidence. Capital outflows, long regarded as one of the soft spots of Russia's economy, declined in the second and third quarters of 2012 from the peaks in the previous two quarters. Whereas many countries in Europe are struggling with large public debt and high fiscal deficits, Russia's federal government public debt is close to single digit and the fiscal balance is in surplus. Inflation and unemployment rates declined to their lowest level in two decades. As people's purchasing power improved and more people had jobs, fewer people were in poverty than at any time since the beginning of the economic transition. A challenging external environment and worsening sentiments among businesses and consumers translate into weak growth prospects. Excluding the crisis years of 1998 and 2009, growth in 2012 is set to decline to its lowest rate in a decade and a half. And 2013 is unlikely to look much better. The weak outlook means that strong, three-pronged policy action is essential to reinvigorate the economy. First, economic policies have to ensure stability. The recent tightening in monetary policy was an important step in this direction. Second, Russia has to build buffers against the external volatility. This means replenishing the reserve fund, moving towards inflation targeting and strengthening banking supervision. Finally, the government has to lift the growth potential of the economy. This means raising productivity and competitiveness, diversifying the economy, and improving transport connectivity, as discussed in the last section of this report, in line with its longer-term economic policy goals. Making headway on this agenda will enable Russia to lift growth above 4 percent and more. 2017-05-22T16:27:57Z 2017-05-22T16:27:57Z 2012-10 Report http://documents.worldbank.org/curated/en/131711468306832128/Reinvigorating-the-economy http://hdl.handle.net/10986/26689 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work Europe and Central Asia Russian Federation |