Russian Economic Report, No. 26, September 2011 : Growing Risks

Russian Economic Report, No. 26, September 2011 : Growing Risks

Russia's economic growth slowed in the second quarter of 2011 as the inventory restocking cycle waned. High oil prices have kept the external current account in surplus but capital outflows continue. Gradually improving labor market conditions...

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Bibliographic Details
Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	AGRICULTURAL PRODUCTION AGRICULTURAL SUBSIDIES AGRICULTURE AUDITS AVERAGE OIL PRICE BALANCE OF PAYMENTS BANK LENDING BANKING SECTOR BASIS POINTS BENCHMARK BILATERAL TRADE BOND BORROWING CAPACITY BUDGET SURPLUS BUFFERS CAPITAL ACCOUNT CAPITAL FLOWS CAPITAL INFLOWS CAPITAL INVESTMENTS CAPITAL OUTFLOWS CENTRAL BANK CENTRAL BANK POLICY COMMODITY MARKET COMMODITY PRICES CONSOLIDATION CONSUMER CONFIDENCE CONSUMER CREDITS CONSUMER LOANS CONSUMER PRICE CONSUMER PRICE INDEX CONSUMERS CONSUMPTION GROWTH CREDIT DEFAULT CREDIT DEFAULT SWAP CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CUSTOMS UNION DEBT DEBT CRISIS DEBT RATINGS DEBT REPAYMENTS DEFICITS DEMAND GROWTH DEPOSIT DEVELOPED COUNTRIES DISPOSABLE INCOME DIVIDENDS DOMESTIC CONSUMPTION DOMESTIC DEMAND DOWNSIDE SCENARIOS DOWNWARD PRESSURE ECONOMIC ACTIVITY ECONOMIC CONDITIONS ECONOMIC CRISIS ECONOMIC DEVELOPMENTS ECONOMIC ENVIRONMENT ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC OUTLOOK ECONOMIC POLICY EMERGING MARKETS EQUILIBRIUM LEVEL EQUITIES EXCHANGE RATE POLICY EXPENDITURE EXPORT VOLUMES EXPORTS EXPOSURE EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL DEMAND EXTERNAL FINANCING EXTERNAL SHOCKS FEDERAL BUDGET FINANCIAL SECTOR FISCAL BALANCE FISCAL DEFICIT FISCAL POLICY FIXED CAPITAL FIXED INCOME FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIME FOOD PRICES FORECASTS FOREIGN ASSET FOREIGN ASSET POSITION FOREIGN CURRENCY FOREIGN CURRENCY RESERVES FOREIGN DIRECT INVESTMENTS FORESTRY GLOBAL DEMAND GLOBAL ECONOMY GLOBAL MARKET GLOBAL TRADE GROWTH RATES HIGH INFLATION HIGH-INCOME COUNTRIES HOLDING HOLDING REQUIREMENTS IMPORT INCOME INSTRUMENTS INCOME SHOCK INDEBTED COUNTRIES INDEXATION INFLATION INFLATION RATE INFLATIONARY PRESSURES INTERNATIONAL MARKETS INVENTORY INVESTING INVESTMENT CLIMATE INVESTOR CONFIDENCE LABOR FORCE LABOR MARKET LIQUIDITY LOANS TO INDIVIDUALS LOCAL CONTENT LONG-TERM EQUILIBRIUM MACROECONOMIC RISKS MARKET ACCESS MARKET CONDITIONS MARKET DEVELOPMENTS MATURITY MATURITY STRUCTURE MONETARY AUTHORITIES MONEY SUPPLY MORTGAGES NEGATIVE SHOCKS OIL OIL DEMAND OIL MARKET OIL PRICE OIL PRICING OIL REVENUES OIL SECTOR OIL SUPPLY OPEC ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES OUTPUT GAP PENSION PERMANENT INCOME POSITIVE EFFECTS POVERTY LEVEL POVERTY REDUCTION PRICE FORECAST PRICE INCREASE PRICE OF OIL PRICE STABILITY PRIVATE BANKS PRIVATE CONSUMPTION PRIVATE SECTOR DEBT PRODUCERS PUBLIC DEBT PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC SPENDING REAL EFFECTIVE EXCHANGE RATE REAL GDP REAL GROSS DOMESTIC PRODUCT REAL INCOME REAL WAGES RECESSION RESERVE RESERVE FUND RESERVE REQUIREMENTS RETAIL RETAIL TRADE RETURN SEASONAL FACTORS SECURITIES SHORT-TERM DEBT SHORT-TERM FLUCTUATIONS SLOWDOWN SOVEREIGN DEBT SOVEREIGN SECURITIES SPARE CAPACITY SPECULATIVE ATTACKS SPREAD STOCK MARKET STOCKS STRONG DEMAND SUPPLY SIDE SURPLUS TAX TOTAL CREDITS TOTAL DEBT TRADE BALANCE TRADE GROWTH TRADE POLICY TURNOVER UNCERTAINTY UNEMPLOYMENT UNEMPLOYMENT RATE VALUE ADDED VOLATILITY WHOLESALE TRADE WORLD TRADE WORLD TRADE ORGANIZATION WTO
Online Access:	http://documents.worldbank.org/curated/en/756751468143685260/Growing-risks http://hdl.handle.net/10986/26690

Description
Summary:	Russia's economic growth slowed in the second quarter of 2011 as the inventory restocking cycle waned. High oil prices have kept the external current account in surplus but capital outflows continue. Gradually improving labor market conditions and access to credit and external borrowing are supporting domestic consumption but consumer confidence and external risks are constraining a more robust growth in domestic demand. Inflation is on a downward trend because of seasonal factors. The short-term fiscal situation is favorable mainly because of high oil prices with an almost balanced budget this year. But a large non-oil deficit requires concerted medium-term fiscal adjustment to replenish fiscal buffers and to move toward long-term sustainable levels of the non-oil deficit.

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