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Russian Federation — Concluding Statement for the 2012 Article IV Consultation Mission (Moscow, June 13, 2012)

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  • International Monetary Fund.
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    Abstract

    The Russian economy has recovered from the 2008—2009 crisis and is now running close to its potential. While demand pressures risk overheating the economy in the short run, medium-term growth prospects are constrained. To address these challenges Russia should continue to strengthen the conduct of macroeconomic policy and tackle long-standing structural bottlenecks. An ambitious fiscal adjustment is needed to ensure that economic growth is balanced, fiscal policy is not pro-cyclical, and oil wealth is spent equitably across generations. Meanwhile, monetary policy should be tightened to keep underlying inflation on a declining path. The increased exchange rate flexibility has been a major policy advancement and is helping the Russian economy absorb external shocks, including spillovers from the international financial turbulence. A stronger supervisory framework is key to promote sound financial intermediation. Critically, the new government should deliver promptly on long-awaited structural reforms, including measures to improve the investment climate.

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    Bibliographic Info

    Article provided by N.P. Redaktsiya zhurnala "Voprosy Economiki" in its journal VOPROSY ECONOMIKI.

    Volume (Year): 7 (2012)
    Issue (Month): ()
    Pages:

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    Handle: RePEc:nos:voprec:2012-07-9

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    Web page: http://www.vopreco.ru/eng/year.html

    Related research

    Keywords: macroeconomic policy; monetary policy; structural reforms; Russian economy.;

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