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Report on russian economy ¹ 29. Recovery and prospects of further development of the economy

Author

Listed:
  • Collective of authors

    (World Bank Office of Russia)

Abstract

At first glance, Russia's economic performance is quite stable. Against the backdrop of slowing global economic growth and the ongoing recession in the eurozone in 2012. Russia has shown strong economic growth through sustainable consumption. The budget was reduced to zero deficit, and the government continued replenishment of the reserve fund, which funds were largely used up during the crisis. While in developed economies the average level of public debt exceeding 110% of GDP, in Russia the figure is no more than 10% of GDP. Inflation fell to its lowest level in twenty years. Oil prices in 2012 even exceeded the record value of 2011. Due to high oil prices have been provided a significant influx of export revenues, the stability of federal budget revenues and a rapid growth in wages and transfers to the public sector. At this level of the non-oil current account deficit and the non-oil budget deficit also remain close to the record high values, indicating a continuing high dependence of the Russian economy on the oil sector.

Suggested Citation

  • Collective of authors, 2013. "Report on russian economy ¹ 29. Recovery and prospects of further development of the economy," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, April.
    • Handle: RePEc:rnp:ecopol:ep1326
    as

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