Publication:
Russia Economic Report, No. 31, March 2014 : Confidence Crisis Exposes Economic Weakness

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dc.contributor.authorWorld Bank
dc.date.accessioned2014-04-15T19:09:02Z
dc.date.available2014-04-15T19:09:02Z
dc.date.issued2014-03
dc.description.abstractReal Gross Domestic Product or GDP growth slowed to an estimated 1.3 percent in 2013 from 3.4 percent of 2012. In January 2013, we projected 3.6 percent growth for 2013, but while the global economy has continued to improve at a moderate pace, Russia's is struggling to find its footing. The first part of this report explores the recent economic developments that underlie this slowdown. To emerge from the downturn with improved long-term prospects Russia will need a combination of cyclical and structural policy measures. As the relative weight of the reasons for Russia's downturn is tilted toward structural factors, structural measures will need to lead the rebound. The lack of more comprehensive structural reforms in the past has led to a gradual erosion of investor confidence. This was masked by a growth model based on large investment projects, continued increases in public wages, and transfers, all fueled by sizeable oil revenues. Recent events around the Crimea have compounded the lingering confidence problem into a crisis of confidence and more clearly exposed the economic weakness of this growth model. Investor pessimism became the decisive factor affecting Russia's economic outlook, presented in part two of the report. The special focus note in part three discusses the link between Russia's growth in the past decade and how it fueled an unprecedented growth in household welfare.en
dc.identifierhttp://documents.worldbank.org/curated/en/2014/03/19357185/confidence-crisis-exposes-economic-weakness
dc.identifier.doi10.1596/17793
dc.identifier.urihttps://hdl.handle.net/10986/17793
dc.languageEnglish
dc.language.isoen_US
dc.publisherMoscow
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO CAPITAL
dc.subjectACCOUNTING
dc.subjectAGGREGATE INVESTMENT
dc.subjectASSETS
dc.subjectAVERAGE OIL PRICE
dc.subjectBALANCE OF PAYMENTS
dc.subjectBANK CREDIT
dc.subjectBANK LENDING
dc.subjectBANKING SECTOR
dc.subjectBANKING SYSTEM
dc.subjectBASIS POINTS
dc.subjectBOND
dc.subjectBOND INDEX
dc.subjectBOND ISSUANCE
dc.subjectBORROWING COSTS
dc.subjectBUDGET DEFICIT
dc.subjectBUFFERS
dc.subjectBUSINESS CONFIDENCE
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL FORMATION
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL OUTFLOWS
dc.subjectCENTRAL BANK
dc.subjectCOLLATERAL
dc.subjectCOLLATERAL REQUIREMENTS
dc.subjectCONFIDENCE INDEX
dc.subjectCONSOLIDATION
dc.subjectCONSUMER CONFIDENCE
dc.subjectCONSUMER CREDIT
dc.subjectCONSUMER LOANS
dc.subjectCONSUMER PRICE INDEX
dc.subjectCONSUMPTION GROWTH
dc.subjectCORE INFLATION
dc.subjectCORPORATE PROFIT TAX
dc.subjectCREDIT DEFAULT
dc.subjectCREDIT DEFAULTS
dc.subjectCREDIT GROWTH
dc.subjectCREDIT RISK
dc.subjectCREDIT RISKS
dc.subjectCREDITORS
dc.subjectCURRENCY
dc.subjectCURRENCY BASKET
dc.subjectCURRENCY SWAPS
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT BALANCE
dc.subjectCURRENT ACCOUNT SURPLUS
dc.subjectDEBT PAYMENTS
dc.subjectDEBTS
dc.subjectDEFAULT RISKS
dc.subjectDEPOSIT
dc.subjectDEVALUATION
dc.subjectDEVELOPING COUNTRIES
dc.subjectDISPOSABLE INCOME
dc.subjectDOMESTIC DEMAND
dc.subjectDOMESTIC ECONOMY
dc.subjectDOMESTIC SECURITIES
dc.subjectECONOMIC DEVELOPMENTS
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC POLICY
dc.subjectECONOMIC SLOWDOWN
dc.subjectEFFECTIVE EXCHANGE RATE
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectEQUIPMENT
dc.subjectEQUITY ISSUANCE
dc.subjectEURO ZONE
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE DYNAMICS
dc.subjectEXCHANGE-RATE
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXPORT GROWTH
dc.subjectEXPORT PERFORMANCE
dc.subjectEXPOSURE
dc.subjectEXTERNAL BALANCES
dc.subjectEXTERNAL BORROWING
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNAL DEBT PAYMENTS
dc.subjectEXTERNAL DEMAND
dc.subjectFEDERAL BUDGET
dc.subjectFEDERAL BUDGET DEFICIT
dc.subjectFEDERAL RESERVE
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL STABILITY
dc.subjectFISCAL BALANCE
dc.subjectFISCAL BALANCES
dc.subjectFISCAL DEFICIT
dc.subjectFIXED CAPITAL
dc.subjectFIXED INVESTMENT
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN CURRENCY RESERVES
dc.subjectFOREIGN DEBT
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE MARKET
dc.subjectFOREIGN INVESTORS
dc.subjectFOREIGN LIABILITIES
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL MARKET
dc.subjectGLOBAL MARKETS
dc.subjectGOVERNMENT BUDGET
dc.subjectGOVERNMENT SPENDING
dc.subjectGROSS CAPITAL FORMATION
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHIGH-INCOME COUNTRIES
dc.subjectIMPORT
dc.subjectIMPORTS
dc.subjectINCOME GROWTH
dc.subjectINCOME INEQUALITY
dc.subjectINDEBTEDNESS
dc.subjectINFLATION
dc.subjectINFLATION TARGETING
dc.subjectINSURANCE
dc.subjectINTEREST PAYMENTS
dc.subjectINTEREST RATES
dc.subjectINTERMEDIATION SPREAD
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL MARKET
dc.subjectINTERNATIONAL CAPITAL MARKETS
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectINVENTORIES
dc.subjectINVENTORY
dc.subjectINVESTING
dc.subjectINVESTMENT ACTIVITIES
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT DEMAND
dc.subjectINVESTMENT INCOME
dc.subjectINVESTMENT PROJECTS
dc.subjectINVESTOR CONFIDENCE
dc.subjectJUDICIAL SYSTEM
dc.subjectLABOR FORCE
dc.subjectLABOR MARKET
dc.subjectLENDING INTEREST RATES
dc.subjectLEVEL PLAYING FIELD
dc.subjectLOAN
dc.subjectLOCAL CURRENCIES
dc.subjectLOSS OF CONFIDENCE
dc.subjectMACROECONOMIC ENVIRONMENT
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET CONDITIONS
dc.subjectMARKET CONFIDENCE
dc.subjectMINIMUM CAPITAL REQUIREMENT
dc.subjectMONETARY POLICY
dc.subjectMUTUAL FUNDS
dc.subjectNON-PERFORMING LOAN
dc.subjectNON-PERFORMING LOANS
dc.subjectNONPERFORMING LOANS
dc.subjectNPL
dc.subjectOIL DEMAND
dc.subjectOIL EXPORTS
dc.subjectOIL MARKET
dc.subjectOIL MARKETS
dc.subjectOIL PRICE
dc.subjectOIL PRICES
dc.subjectOIL REVENUE
dc.subjectOIL REVENUES
dc.subjectOIL SUPPLIES
dc.subjectOUTSTANDING DEBT
dc.subjectOUTTURN
dc.subjectPENSION
dc.subjectPENSION FUND
dc.subjectPENSIONS
dc.subjectPOLITICAL RISK
dc.subjectPOLITICAL RISKS
dc.subjectPOLITICAL UNCERTAINTIES
dc.subjectPOLITICAL UNCERTAINTY
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO ADJUSTMENT
dc.subjectPORTFOLIOS
dc.subjectPOVERTY REDUCTION
dc.subjectPRIVATE BANKS
dc.subjectPRIVATE CONSUMPTION
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE INVESTORS
dc.subjectPROFIT MARGINS
dc.subjectPUBLIC FINANCE
dc.subjectPUBLIC FINANCES
dc.subjectPURCHASING POWER
dc.subjectPURCHASING POWER PARITY
dc.subjectREAL WAGE GROWTH
dc.subjectRECESSION
dc.subjectRELATIVE WEIGHT
dc.subjectREMITTANCES
dc.subjectRESERVE
dc.subjectRESERVE FUND
dc.subjectRESERVES
dc.subjectRISK AVERSION
dc.subjectRISK PREMIUMS
dc.subjectSECURITIES
dc.subjectSLOWDOWN
dc.subjectSPARE CAPACITY
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET VOLATILITY
dc.subjectSTOCK MARKETS
dc.subjectSTOCKS
dc.subjectSTRUCTURAL PROBLEMS
dc.subjectSTRUCTURAL REFORM
dc.subjectSTRUCTURAL REFORMS
dc.subjectSUPPLY CONSTRAINTS
dc.subjectSUPPLY SIDE
dc.subjectSWAP
dc.subjectSWAPS
dc.subjectT-BILLS
dc.subjectTAX
dc.subjectTOTAL DEBT
dc.subjectTRADE BALANCE
dc.subjectTRADE BALANCES
dc.subjectTRADE GROWTH
dc.subjectTRADE SHOCKS
dc.subjectTRADE SURPLUS
dc.subjectTRADING
dc.subjectTRANCHE
dc.subjectTREASURY
dc.subjectTREASURY BILLS
dc.subjectTREASURY BONDS
dc.subjectTREASURY YIELDS
dc.subjectTREATIES
dc.subjectUNEMPLOYMENT RATE
dc.subjectUNEMPLOYMENT RATES
dc.subjectWITHDRAWAL
dc.subjectZERO INVESTMENT
dc.titleRussia Economic Report, No. 31, March 2014 : Confidence Crisis Exposes Economic Weaknessen
dspace.entity.typePublication
okr.date.disclosure2014-04-08
okr.date.doiregistration2025-05-07T12:42:50.604380Z
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.docurlhttp://documents.worldbank.org/curated/en/2014/03/19357185/confidence-crisis-exposes-economic-weakness
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeEnvironment and Natural Resources
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid628811468107655993
okr.guid517491468092081878
okr.identifier.externaldocumentum000333037_20140408140841
okr.identifier.internaldocumentum19357185
okr.identifier.report86640
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/04/08/000333037_20140408140841/Rendered/PDF/866400WP0P14660RER0No.310FINAL07414.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryRussian Federation
okr.sectorPublic Administration, Law, and Justice :: General public administration sector
okr.sectorFinance
okr.sectorIndustry and trade
okr.sectorIndustry and trade :: Other domestic and international trade
okr.sectorIndustry and trade :: General industry and trade sector
okr.themeEconomic management :: Analysis of economic growth
okr.themeEconomic management :: Debt management and fiscal sustainability
okr.themeEconomic management :: Economic statistics, modeling and forecasting
okr.themeEconomic management :: Macroeconomic management
okr.themeEconomic management :: Other economic management
okr.topicEnvironmental Economics and Policies
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.topicEconomic Theory and Research
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicMacroeconomics and Economic Growth
okr.topicEnvironment
okr.unitMacroeconomics 3 (ECSP3)
okr.volume1 of 1
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