Russia Economic Report, May 2017 : From Recession to Recovery
Global growth and trade started to strengthen at the end of 2016. Russia’s economy showed signs of overcoming the recession caused by the shocks of low oil prices and economic sanctions. Tradable sectors benefitted from the relative price adjustmen...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Moscow
2017
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| Online Access: | http://documents.worldbank.org/curated/en/782451497437509084/Russia-economic-report-2017-from-recession-to-recovery http://hdl.handle.net/10986/27522 |
| Summary: | Global growth and trade started to
strengthen at the end of 2016. Russia’s economy showed signs
of overcoming the recession caused by the shocks of low oil
prices and economic sanctions. Tradable sectors benefitted
from the relative price adjustment and stabilizing commodity
prices in the second half of 2016 and became the main
drivers of economic growth, partly through increased
exports. This report highlights the varying implications of
the oil price shock on oil exporters, and how Russia has
adapted well compared to others. SME is a priority sector
for the Russian government that was hit the hardest by the
recession as SME loans experienced the sharpest decline
compared to other market segments. These, and other related
disparities, are discussed in detail in the report. Part 3
of the report discusses in detail, Russian regions have
weathered the slowdown in the economy fairly well in the
recent past – showcasing low deficits and broadly moderate
debt levels. The report elaborates, being among the top
three oil exporters in the world, the Russian oil sector has
demonstrated resilience, increasing production and exports
despite headwinds, thanks to increased production by small-
and medium size producers. Finally the report discusses
various methods and measures of total factor productivity
(TFP) growth in Russia, all which yield the same conclusion
as summarized. |
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