Russian Economic Report, No. 25, June 2011 : Securing Stability and Growth

Russia has seen even higher oil windfall in the past few months, which translates into likely fiscal surpluses this year and next. The government should not miss the opportunity provided by a large oil windfall to substantially improve its long-ter...

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Bibliographic Details
Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	Washington, DC 2017
Subjects:	ACCOUNTING ADVERSE EFFECT AGRICULTURAL PRODUCTION AGRICULTURE ARABLE LAND AVERAGE PRICE BALANCE OF PAYMENTS BALANCE SHEETS BANK LENDING BANK POLICY BANKING SECTOR BANKING SYSTEM BASIS POINTS BINDING CONSTRAINTS BORROWING CAPACITY BUSINESS CYCLE CAPACITY CONSTRAINTS CAPITAL ACCOUNT CAPITAL FLOWS CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL OUTFLOWS CARTEL CENTRAL BANK CLIMATIC CONDITIONS COLLATERAL COMMERCIALIZATION COMMODITY COMMODITY PRICE COMMODITY PRICES COMPARATIVE ADVANTAGE COMPARATIVE ADVANTAGES COMPETITION POLICY CONSUMER PRICE CONSUMER PRICE INDEX CONSUMER PRICE INFLATION CONSUMER PRICES CONSUMERS CPI CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT DEFAULT SWAPS CREDIT GROWTH CREDIT RISK CURRENCY BASKET CURRENCY RISK CURRENT ACCOUNT BALANCE CURRENT ACCOUNT BALANCES CURRENT ACCOUNT DEFICIT DEBT DEBT REPAYMENTS DEFICITS DEMAND GROWTH DEPOSIT DEPOSITS DEVELOPING COUNTRIES DISPOSABLE INCOME DIVISION OF LABOR DOMESTIC MARKET DOMESTIC MARKETS DURABLE ECONOMIC ACTIVITY ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC SECTORS EMERGING MARKETS EMISSIONS ENERGY CONSUMPTION ENERGY EFFICIENCY ENERGY PRICE ENERGY PRICES ENTERPRISE PERFORMANCE EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPORT COMPETITIVENESS EXPORT GROWTH EXPORT PERFORMANCE EXPORTERS EXPORTS EXPOSURE EXPOSURES EXTERNAL DEBT EXTERNAL DEFICITS EXTERNAL FINANCING EXTERNALITIES FEDERAL BUDGET FEDERAL BUDGET DEFICIT FINANCIAL CRISIS FINANCIAL SERVICES FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL POLICY FIXED CAPITAL FIXED INCOMES FLEXIBLE EXCHANGE RATES FOREIGN ASSETS FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN MARKETS FORESTRY GDP GDP DEFLATOR GLOBAL ECONOMIC PROSPECTS GLOBAL MARKET GLOBAL MARKETS GLOBAL TRADE GOVERNMENT BUDGET GOVERNMENT INTERVENTIONS GRAY MARKET GROSS DOMESTIC PRODUCT HUMAN CAPITAL INCOME GROWTH INCOME LEVEL INDEBTED COUNTRIES INDEXATION INFLATION INFLATION RATES INFLATIONARY EXPECTATIONS INFLATIONARY PRESSURE INFLATIONARY PRESSURES INTELLECTUAL PROPERTY INTEREST RATE INTEREST RATES INVENTORIES INVENTORY INVESTING INVESTMENT CLIMATE INVESTMENT STRATEGY LABOR COSTS LABOR MARKET LABOR PRODUCTIVITY LACK OF COMPETITION LEGAL FRAMEWORK LEVEL PLAYING FIELD LIMITED LIABILITY LIQUIDITY LIQUIDITY POSITION LOAN LOAN RATES LOANS TO INDIVIDUALS LOCAL MARKETS LONG-TERM LOANS M2 MACROECONOMIC INSTABILITY MACROECONOMIC RISKS MACROECONOMIC STABILITY MARKET ANALYSTS MARKET CONDITIONS MARKET DEVELOPMENTS MARKET FORCES MARKETPLACE MATURITY MATURITY STRUCTURE MONETARY AUTHORITIES MONETARY FUND MONETARY POLICY MONEY MARKET MONEY MARKET RATES MONEY SUPPLY NEGATIVE SHOCKS NET CAPITAL OIL OIL PRICE OIL PRICES OPEC OPEN MARKETS OUTPUT PATENTS PENSIONS PERMANENT INCOME POLICY MAKERS POLICY RESPONSES POLITICAL RISKS POLITICAL UNCERTAINTY PRICE ADJUSTMENTS PRICE CHANGES PRICE CONTROLS PRICE FORECAST PRICE INCREASES PRICE VOLATILITY PRICING POLICIES PRIVATE BANKS PRIVATE CONSUMPTION PRIVATE SECTOR DEBT PRODUCERS PRODUCT MARKET PRODUCTIVE INVESTMENT PRODUCTIVE INVESTMENTS PRODUCTIVITY GROWTH PROPERTY RIGHTS PUBLIC EXPENDITURES PURCHASING PURCHASING POWER REAL GDP REAL INCOME REAL WAGES REMITTANCES RESERVE RESERVE REQUIREMENTS RESERVES RETAIL RETAIL TRADE RETURN RETURNS SAFETY NET SAFETY NETS SALE SHAREHOLDERS SHORT-TERM BORROWING SHORT-TERM CAPITAL SHORT-TERM LIABILITIES SOVEREIGN DEBT SOVEREIGN DEBT PROBLEM SUNK COSTS SURPLUS SURPLUSES TARIFF BARRIERS TAX TAX REVENUES TOTAL DEBT TOTAL FACTOR PRODUCTIVITY TRADE BALANCE TRADE LIBERALIZATION TRADE OPPORTUNITIES TRADING UNEMPLOYMENT UNEMPLOYMENT RATE VALUE ADDED WAGES WHOLESALE TRADE WORLD ECONOMY
Online Access:	http://documents.worldbank.org/curated/en/903961468092952560/Securing-stability-and-growth http://hdl.handle.net/10986/27252

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Summary:	Russia has seen even higher oil windfall in the past few months, which translates into likely fiscal surpluses this year and next. The government should not miss the opportunity provided by a large oil windfall to substantially improve its long-term fiscal position, further reduce inflation, and, therefore, ensure a strong basis for durable stability and healthy growth in the future. Rising domestic demand and credit activity are increasingly supporting solid growth. Overall, labor market conditions improved recently while poverty was broadly flat during and after the crisis, but unemployment and poverty in many regions remain difficult. Further reductions in poverty will require greater policy focus and persistence in implementing more effective and targeted programs, especially in the poorest regions. Two new special-topic analyses focus on export diversification in Russia, and food and energy inflation in Europe and Central Asia region. In the first, results show that productivity is the key to exports and that lack of competition and entrepreneurial innovation are relevant obstacles to the emergence of new, potentially exportable products. In the second, it is shown that food and energy prices in Russia and other countries in Europe and Central Asia are contributing significantly to consumer price inflation, complicating anti-inflation policy and poverty reduction.

Russian Economic Report, No. 25, June 2011 : Securing Stability and Growth

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