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Russian Federation: Staff Report for the 2016 Article IV Consultation-Press Release; and Staff Report
Author:
International Monetary Fund. European Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2016: Issue 229
Language:
English
Publication Date:
13 Jul 2016
DOI:
https://doi.org/10.5089/9781498362245.002
ISBN:
9781498362245
ISSN:
1934-7685
Pages:
63
Keywords:
ISCR; CR; Russia; IMF staff estimate; development challenge; portfolio; broad money; support program; banking system survey; growth-enhancing expenditure; Oil prices; Correspondent banking; Commercial banks; Fiscal consolidation; Global
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This 2016 Article IV Consultation highlights that the Russian economy contracted by 3.7 percent in 2015 owing to falling oil prices and the quasi closure of international financial markets to Russian entities. The economic contraction is nonetheless shallower than previous recessions as a stronger external position and the authorities’ economic package cushioned the shocks, helped restore confidence and stabilized the financial system. Lower oil prices and needed fiscal adjustment will keep the economy in recession in 2016 with an expected decline in real GDP of 1.2 percent. Growth is expected to resume in 2017 and reach 1 percent, as domestic demand slowly recovers on the back of easing financial conditions and pent up demand.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund