World Bank2017-08-142017-08-142010-06-16https://hdl.handle.net/10986/27777Amid heightened global uncertainties, Russia is experiencing a bumpy recovery. Domestic demand is rising, but unemployment remains high, and credit and investment remain limited. The budget has benefited from higher oil prices, but fiscal consolidation remains important in the medium term. Crumbling infrastructure, especially in transport, could hamper the economy's competitiveness and longer-term growth prospects. The debt crisis in Western Europe sharpens the downside risks to global recovery and oil prices. But the effects on Russia are likely to be blunted by its stronger fiscal and debt positions and by limited trade and financial links with the affected countries. Russia is likely to grow by 4.5 percent in 2010, followed by 4.8 percent in 2011, as domestic demand expands in line with gradual improvements in the labor and credit markets. Employment is expected to improve gradually, however, enabling some further reductions in poverty.en-USCC BY 3.0 IGOACCOUNTINGADVERSE IMPACTAGGREGATE DEMANDAGRICULTUREALTERNATIVE EMPLOYMENTAPPROPRIATE TECHNOLOGYARREARSBALANCE OF PAYMENTSBANK LENDINGBANKING SECTORBANKING SECTORSBASIS POINTSBONDBOND FINANCINGBOND ISSUANCEBONDSBORROWING CAPACITYBUDGET DEFICITCAPITAL ACCOUNTCAPITAL EXPENDITURESCAPITAL FLOWSCAPITAL INFLOWSCAPITAL INVESTMENTCAPITAL MARKETSCAPITAL OUTFLOWSCAPITALIST ECONOMIESCDSCENTRAL BANKCOALCOMMODITY PRICECOMPETITIVENESSCONSOLIDATIONCORPORATE PROFIT TAXCPICREDIT CONSTRAINTSCREDIT DEFAULTCREDIT DEFAULT SWAPCREDIT DEFAULT SWAPSCREDIT GROWTHCREDIT MARKETSCREDITSCROWDING OUTCURRENT ACCOUNTCURRENT ACCOUNT DEFICITCURRENT ACCOUNT SURPLUSCURRENT EXPENDITURESDEBTDEBT CAPITALDEBT CRISISDEBT DEFAULTDEBT OBLIGATIONDEBT OBLIGATIONSDEBT OFFERINGDEBT REPAYMENTSDEBT SERVICEDEFAULTSDEVELOPING COUNTRIESDEVELOPING COUNTRYDEVELOPMENT POLICYDEVELOPMENT STRATEGYDEVOLUTIONDIRECT INVESTMENTSDISPOSABLE INCOMEDISPOSABLE INCOMESDIVERSIFICATIONDIVISION OF LABORDOLLAR DEBTECONOMIC ACTIVITYECONOMIC CRISISECONOMIC DEVELOPMENTECONOMIC DEVELOPMENTSECONOMIC GROWTHECONOMIC RESOURCESECONOMISTSEMERGING ECONOMIESEMERGING MARKETEMERGING MARKET ECONOMIESEMERGING MARKETSEMPLOYMENT GROWTHEMPLOYMENT SITUATIONENFORCEMENT POWERSENTREPRENEURSHIPENVIRONMENTALEQUIPMENTEQUITY MARKETSEXCHANGE RATEEXPENDITUREEXPENDITURESEXPORTSEXTERNAL BORROWINGEXTERNAL DEBTEXTERNAL DEBTSEXTERNAL FINANCINGFAIR VALUEFEDERAL BUDGETFEDERAL BUDGETSFEDERAL INVESTMENTFINANCIAL ACCOUNTFINANCIAL CRISISFINANCIAL DIFFICULTIESFINANCIAL INSTITUTIONSFINANCIAL SECTORFINANCIAL SERVICESFINANCIAL SUPPORTFINANCING NEEDSFISCAL DEFICITFISCAL DEFICITSFISCAL POLICYFIXED CAPITALFIXED CAPITAL INVESTMENTFIXED INVESTMENTFLEXIBLE EXCHANGE RATEFOREIGN CURRENCYFOREIGN DEBTFORESTRYGOVERNMENT BANKSGOVERNMENT INTERVENTIONSGOVERNMENT POLICIESHEALTH SERVICESHIGH UNEMPLOYMENTHOLDINGSHOUSEHOLDSHOUSINGHUMAN CAPITALINCOME GROWTHINCOME LEVELINCOME TAXINDEBTED COUNTRIESINDUSTRIALIZATIONINFLATIONINFLATION RATEINFLATIONARY PRESSUREINFRASTRUCTURE INVESTMENTSINTEREST PAYMENTSINTERNATIONAL BONDINTERNATIONAL BOND ISSUEINTERNATIONAL BOND MARKETINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL MARKETSINVENTORIESINVENTORYINVESTMENT ACTIVITYINVESTMENT CLIMATEINVESTMENT FUNDINVESTMENT INCOMEINVESTMENT STRATEGYJOB OPPORTUNITIESLABOR FORCELABOR MARKETLABOR MARKETSLABOR PRODUCTIVITYLAND HOLDINGSLEADING INDICATORSLIQUID MARKETSLIVING STANDARDSLOCAL ECONOMYLOCAL GOVERNMENTM2MACROECONOMIC POLICYMARKET ACCESSMARKET ECONOMIESMARKET FAILURESMETALSMIDDLE INCOME COUNTRYMIGRANT LABORMIGRATIONMINESMINIMUM WAGEMONETARY POLICIESMONETARY POLICYMONEY SUPPLYMULTIPLIERSMUNICIPAL FINANCEMUNICIPALITIESNATIONAL ECONOMYNET EXPORTSOILOIL PRICEOIL PRICESOPECPENSIONPENSION FUNDPENSIONSPERSONAL INCOMEPRICE VOLATILITYPRIVATE CAPITALPRIVATE DEBTPRODUCERSPRODUCTION CAPACITYPRODUCTIVITY GROWTHPUBLIC DEBTPUBLIC EXPENDITURESREAL GDPREAL WAGESRECESSIONREGISTRATION LAWSREGISTRATION SYSTEMRESERVERESERVE FUNDRESERVE FUNDSRESERVESRETURNRETURNSRISK PERCEPTIONSSAFETY NETSSETTLEMENTSMALL BUSINESSSOCIAL SAFETY NETSSOCIAL SERVICESSOVEREIGN DEBTSOVEREIGN RISKSTOCKSSTRUCTURAL CHANGESUBSIDIARIESTAXTAX COLLECTIONSTAX RATETAX REVENUESTELECOMMUNICATIONSTIMBERTOTAL OUTPUTTRADE BALANCETRADINGTRANSPORTTREASURIESUNDERLYING PROBLEMSUNEMPLOYMENTUNEMPLOYMENT RATEUNEMPLOYMENT RATESURBAN AREASURBANIZATIONVALUE ADDEDWITHDRAWALReportWorld Bank10.1596/27777