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:
OIL
TAX
WTO
Online Access:http://documents.worldbank.org/curated/en/756751468143685260/Growing-risks
http://hdl.handle.net/10986/26690
id okr-10986-26690
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic 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
spellingShingle 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
World Bank
Russian Economic Report, No. 26, September 2011 : Growing Risks
geographic_facet Europe and Central Asia
Russian Federation
description 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.
format Report
author World Bank
author_facet World Bank
author_sort World Bank
title Russian Economic Report, No. 26, September 2011 : Growing Risks
title_short Russian Economic Report, No. 26, September 2011 : Growing Risks
title_full Russian Economic Report, No. 26, September 2011 : Growing Risks
title_fullStr Russian Economic Report, No. 26, September 2011 : Growing Risks
title_full_unstemmed Russian Economic Report, No. 26, September 2011 : Growing Risks
title_sort russian economic report, no. 26, september 2011 : growing risks
publisher World Bank, Washington, DC
publishDate 2017
url http://documents.worldbank.org/curated/en/756751468143685260/Growing-risks
http://hdl.handle.net/10986/26690
_version_ 1764462500488675328
spelling okr-10986-266902021-04-23T14:04:37Z Russian Economic Report, No. 26, September 2011 : Growing Risks World Bank 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 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. 2017-05-22T16:32:23Z 2017-05-22T16:32:23Z 2011-09-14 Report http://documents.worldbank.org/curated/en/756751468143685260/Growing-risks http://hdl.handle.net/10986/26690 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