Publication:
Russian Economic Report, No. 28, Autumn 2012: Reinvigorating the Economy

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dc.contributor.authorWorld Bank
dc.date.accessioned2017-05-22T16:27:57Z
dc.date.available2017-05-22T16:27:57Z
dc.date.issued2012-10
dc.description.abstractEarly in the year, as the global economy was slowing and the euro area entered a recession, Russia's economy held steady. But now, as 2012 is entering its final quarter, growth is slowing. Just at a time when Russia's output levels have exceeded the pre-crisis peak, the economy is settling onto a lower trajectory, even though oil prices have stayed high. But let us start with the strong points. The economy had a good first half of the year. While growth was stalling in Europe and slowing in other emerging economies, it remained steady in Russia. Key economic indicators were near or at record levels: the current account surplus stayed high and the Central Bank of Russia added to its reserves, helping to bolster market confidence. Capital outflows, long regarded as one of the soft spots of Russia's economy, declined in the second and third quarters of 2012 from the peaks in the previous two quarters. Whereas many countries in Europe are struggling with large public debt and high fiscal deficits, Russia's federal government public debt is close to single digit and the fiscal balance is in surplus. Inflation and unemployment rates declined to their lowest level in two decades. As people's purchasing power improved and more people had jobs, fewer people were in poverty than at any time since the beginning of the economic transition. A challenging external environment and worsening sentiments among businesses and consumers translate into weak growth prospects. Excluding the crisis years of 1998 and 2009, growth in 2012 is set to decline to its lowest rate in a decade and a half. And 2013 is unlikely to look much better. The weak outlook means that strong, three-pronged policy action is essential to reinvigorate the economy. First, economic policies have to ensure stability. The recent tightening in monetary policy was an important step in this direction. Second, Russia has to build buffers against the external volatility. This means replenishing the reserve fund, moving towards inflation targeting and strengthening banking supervision. Finally, the government has to lift the growth potential of the economy. This means raising productivity and competitiveness, diversifying the economy, and improving transport connectivity, as discussed in the last section of this report, in line with its longer-term economic policy goals. Making headway on this agenda will enable Russia to lift growth above 4 percent and more.en
dc.identifierhttp://documents.worldbank.org/curated/en/131711468306832128/Reinvigorating-the-economy
dc.identifier.doi10.1596/26689
dc.identifier.urihttps://hdl.handle.net/10986/26689
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectACCOUNTING
dc.subjectAIR
dc.subjectAIR POLLUTION
dc.subjectATMOSPHERIC EMISSIONS
dc.subjectAUCTION
dc.subjectBALANCE OF PAYMENT
dc.subjectBANK LENDING
dc.subjectBANKING SECTOR
dc.subjectBANKING UNION
dc.subjectBASIS POINTS
dc.subjectBOND
dc.subjectBORROWING CAPACITY
dc.subjectBOTTLENECKS
dc.subjectBRIDGE
dc.subjectBUDGET DEFICIT
dc.subjectBUDGET SURPLUS
dc.subjectBUS
dc.subjectBUS FLEET
dc.subjectBUS OPERATION
dc.subjectBUS OPERATORS
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL OUTFLOWS
dc.subjectCAR
dc.subjectCAR OWNERSHIP
dc.subjectCAR OWNERSHIP GROWTH
dc.subjectCARBON MONOXIDE
dc.subjectCDS
dc.subjectCENTRAL BANK
dc.subjectCITY STREETS
dc.subjectCITY TRAFFIC
dc.subjectCONSUMER CREDIT
dc.subjectCREDIBILITY
dc.subjectCREDIT DEFAULT
dc.subjectCREDIT DEFAULT SWAP
dc.subjectCREDIT EXPANSION
dc.subjectCREDIT GROWTH
dc.subjectCREDIT QUALITY
dc.subjectCRUDE OIL PRICE
dc.subjectCURRENCY
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectCURRENT ACCOUNT SURPLUS
dc.subjectDEBT CAPITAL
dc.subjectDEBT REPAYMENTS
dc.subjectDEBT STOCK
dc.subjectDEPOSIT
dc.subjectDEVELOPING COUNTRIES
dc.subjectDISPOSABLE INCOME
dc.subjectDOMESTIC DEMAND
dc.subjectDRIVERS
dc.subjectECONOMIC DEVELOPMENTS
dc.subjectECONOMIC POLICIES
dc.subjectECONOMIES OF SCALE
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectEMISSION
dc.subjectEMISSION STANDARDS
dc.subjectENERGY CONSUMPTION
dc.subjectEXCHANGE RATE MOVEMENTS
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXPORTERS
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNALITIES
dc.subjectFARE REVENUES
dc.subjectFARES
dc.subjectFEDERAL BUDGET
dc.subjectFEDERAL RESERVE
dc.subjectFEDERAL RESERVE BANK
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INSTITUTION
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL PERFORMANCE
dc.subjectFINANCIAL SUSTAINABILITY
dc.subjectFISCAL BALANCE
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL POLICY
dc.subjectFIXED CAPITAL
dc.subjectFIXED INVESTMENT
dc.subjectFLEET REPLACEMENT
dc.subjectFLEETS
dc.subjectFLEXIBLE EXCHANGE RATE
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE MARKET
dc.subjectFOREIGN EXCHANGE RESERVES
dc.subjectFUEL
dc.subjectFUEL CONSUMPTION
dc.subjectFUTURES
dc.subjectGASOLINE
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL MARKET
dc.subjectGLOBAL TRADE
dc.subjectGOVERNMENT BUDGET
dc.subjectGOVERNMENT DEBT
dc.subjectGROUP LENDING
dc.subjectHIGHWAYS
dc.subjectINCOME GROWTH
dc.subjectINCOME LEVEL
dc.subjectINFLATION
dc.subjectINFLATIONARY EXPECTATIONS
dc.subjectINSTRUMENT
dc.subjectINTEREST PAYMENTS
dc.subjectINTEREST RATE
dc.subjectINTERSECTIONS
dc.subjectINVENTORIES
dc.subjectINVESTMENT CLIMATE
dc.subjectINVESTMENT INCOME
dc.subjectJUDICIAL SYSTEM
dc.subjectLABOR MARKET
dc.subjectLACK OF COLLATERAL
dc.subjectLEGAL FRAMEWORK
dc.subjectLIMITED LIABILITY
dc.subjectLIQUID ASSETS
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY POSITION
dc.subjectLOAN
dc.subjectLOCAL CURRENCY
dc.subjectLOCAL GOVERNMENTS
dc.subjectLONG-TERM DEBT
dc.subjectMACROECONOMIC POLICY
dc.subjectMARKET CONDITIONS
dc.subjectMARKET CONFIDENCE
dc.subjectMARKET DEVELOPMENTS
dc.subjectMARKET ECONOMY
dc.subjectMARKET PARTICIPANTS
dc.subjectMONETARY POLICY
dc.subjectMONEY MARKET
dc.subjectMONEY MARKET RATES
dc.subjectMONEY SUPPLY
dc.subjectMORTGAGE
dc.subjectMOTOR VEHICLES
dc.subjectNATURAL DISASTER
dc.subjectNON-PERFORMING LOANS
dc.subjectOIL MARKET
dc.subjectOIL PRICES
dc.subjectOIL RESERVE
dc.subjectPASSENGERS
dc.subjectPEAK HOURS
dc.subjectPEDESTRIANS
dc.subjectPENSION
dc.subjectPENSION FUNDS
dc.subjectPENSION SYSTEM
dc.subjectPENSIONS
dc.subjectPOPULATION GROWTH
dc.subjectPORTFOLIO
dc.subjectPOVERTY REDUCTION
dc.subjectPRICE CHANGES
dc.subjectPRICE STABILITY
dc.subjectPRIVATE BANKS
dc.subjectPRIVATE CAR FLEET
dc.subjectPRIVATE CAR OWNERSHIP
dc.subjectPRIVATE CREDIT
dc.subjectPRIVATE INVESTORS
dc.subjectPRIVATE TRANSPORT
dc.subjectPRIVATE VEHICLE
dc.subjectPRIVATE VEHICLES
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC SPENDING
dc.subjectPUBLIC TRANSPORT
dc.subjectPUBLIC TRANSPORT MODES
dc.subjectPUBLIC TRANSPORT SERVICES
dc.subjectPUBLIC TRANSPORT SYSTEM
dc.subjectPUBLIC TRANSPORT VEHICLES
dc.subjectPUBLIC TRANSPORTATION
dc.subjectPURCHASING POWER
dc.subjectRAIL
dc.subjectRAIL TRANSPORT
dc.subjectRATES OF RETURN
dc.subjectRECESSION
dc.subjectREGULATORY FRAMEWORK
dc.subjectREMITTANCES
dc.subjectREPO
dc.subjectREPO RATE
dc.subjectRESERVE
dc.subjectRESERVE FUND
dc.subjectRETURNS
dc.subjectROAD
dc.subjectROAD CAPACITY
dc.subjectROAD CONGESTION
dc.subjectROAD INFRASTRUCTURE
dc.subjectROAD NETWORK
dc.subjectROAD SAFETY
dc.subjectROAD SECTOR
dc.subjectROAD SYSTEM
dc.subjectROAD TRAFFIC
dc.subjectROAD TRANSPORT
dc.subjectROADS
dc.subjectROUTE
dc.subjectSHORT-TERM DEBT
dc.subjectSOVEREIGN BONDS
dc.subjectSOVEREIGN DEBT
dc.subjectSTRUCTURAL PROBLEMS
dc.subjectTOTAL DEBT
dc.subjectTRADE BALANCE
dc.subjectTRADING
dc.subjectTRAFFIC
dc.subjectTRAFFIC ACCIDENTS
dc.subjectTRAFFIC CONGESTION
dc.subjectTRAFFIC CONGESTION PROBLEMS
dc.subjectTRAFFIC FLOWS
dc.subjectTRAFFIC MANAGEMENT
dc.subjectTRAFFIC SPEEDS
dc.subjectTRAM
dc.subjectTRANSPORT INFRASTRUCTURE
dc.subjectTRANSPORT NETWORK
dc.subjectTRANSPORTATION PLANNING
dc.subjectTRANSPORTATION SYSTEMS
dc.subjectTROLLEYBUSES
dc.subjectTRUE
dc.subjectUNEMPLOYMENT RATES
dc.subjectURBAN TRANSPORT
dc.subjectURBAN TRANSPORTATION
dc.subjectVEHICLE EMISSIONS
dc.subjectVEHICLE FLEET
dc.subjectWEALTH
dc.titleRussian Economic Report, No. 28, Autumn 2012en
dc.title.subtitleReinvigorating the Economyen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleRussian Economic Report, No. 28, Autumn 2012
okr.date.disclosure2012-10-09
okr.date.doiregistration2025-05-07T08:51:54.911144Z
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/131711468306832128/Reinvigorating-the-economy
okr.guid131711468306832128
okr.guid443301468095997256
okr.identifier.externaldocumentum000333038_20121010010923
okr.identifier.internaldocumentum16814608
okr.identifier.report73121
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/131711468306832128/pdf/731210NWP0Russ0sed0100901200ENGLISH.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryRussian Federation
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicTransport::Transport Economics Policy and Planning
okr.topicMacroeconomics and Economic Growth::Economic Forecasting
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topicSocial Protections and Labor::Labor Markets
okr.unitMacroeconomics 3 - (ECSP3)
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