Description: Russian Economic Report, No. 24, March 2011 : Sustaining Reforms under the Oil Windfall

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Russian Economic Report, No. 24, March 2011 : Sustaining Reforms under the Oil Windfall

Despite the recent slowdown, the underlying growth of the global economy remains solid. After a 4 percent growth in 2010, Russia's real output is expected to grow 4.4 percent in 2011, increasingly driven by domestic demand. Russia's house...

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Bibliographic Details
Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2017
Subjects:	ACCESS TO LOANS ACCOUNTING AGRICULTURAL OUTPUT AGRICULTURE AIRPORTS ASSET MANAGEMENT AUDITING BALANCE OF PAYMENT BALANCE OF PAYMENTS BALANCE SHEETS BANK CREDITS BANK LENDING BANK POLICY BANKING SECTOR BANKING SECTORS BANKRUPTCIES BANKS BASIS POINTS BENCHMARK BOND BOND ISSUANCE BORROWING CAPACITY BRIDGE BUDGETING CAPITAL ACCOUNT CAPITAL BUDGETING CAPITAL EXPENDITURES CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKETS CENTRAL BANK CIVIL SERVICE COMMERCIAL DEBT COMMODITY PRICES COMPETITIVENESS CONSOLIDATION CONSUMER LOANS CONSUMER PRICE INDEX COST SAVINGS CPI CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT DEFAULT SWAPS CREDIT ENHANCEMENT CREDIT ENHANCEMENTS CREDIT GROWTH CREDIT GUARANTEES CREDIT MARKETS CREDITORS CURRENCY BASKET DEBT DEBT BURDEN DEBT FINANCING DEBT REPAYMENTS DEBT TRANSACTIONS DEBTOR DECISION MAKING DEVELOPED COUNTRIES DEVELOPING COUNTRIES DISPOSABLE INCOME DIVIDENDS DOMESTIC BORROWING DOMESTIC MARKET ECONOMIC DEVELOPMENTS ECONOMIC FACTORS ECONOMIC GROWTH ECONOMIC OUTLOOK EMERGING MARKET EMERGING MARKET EQUITY EMERGING MARKETS ENABLING ENVIRONMENT ENTERPRISE PERFORMANCE ENVIRONMENTS EQUIPMENT EQUITY FUNDS EQUITY INDEXES EQUITY ISSUANCE EQUITY MARKET EXCHANGE RATE EXCISE TAX EXCISE TAX ON GASOLINE EXCISE TAXES EXPENDITURE EXPORTS EXTERNAL BORROWING EXTERNAL DEBT FARES FEDERAL BUDGET FINANCIAL SERVICES FISCAL DEFICIT FISCAL POLICY FOREIGN CURRENCY FORESTRY FUEL FUEL TAX FUEL TAXES GDP GLOBAL ECONOMY GLOBAL TRADE GOVERNMENT EXPENDITURE GOVERNMENT OWNERSHIP GOVERNMENT REGULATIONS GROSS DOMESTIC PRODUCT HIGH UNEMPLOYMENT HIGHWAY HIGHWAY SYSTEM INCOME GROWTH INFLATION INFRASTRUCTURE BONDS INFRASTRUCTURE INVESTMENT INFRASTRUCTURE INVESTMENTS INFRASTRUCTURE REHABILITATION INITIAL PUBLIC OFFERING INSTRUMENT INTEREST RATE INTEREST RATE DIFFERENTIALS INTEREST RATES INTERNATIONAL RESERVES INVENTORY INVESTMENT CLIMATE JUDICIAL INDEPENDENCE LABOR COSTS LABOR MARKET LABOR PRODUCTIVITY LACK OF COMPETITION LIABILITY LIQUIDITY LONG-TERM LOANS M2 MACROECONOMIC ENVIRONMENT MACROECONOMIC POLICY MARKET CONDITIONS MARKET CONTAGION MARKET DEVELOPMENT MARKET ECONOMY MARKET PRICE MARKET SIZE MATURITY MOBILE PHONE MODES OF TRANSPORT MONETARY POLICIES MONETARY POLICY MONEY SUPPLY NATIONAL INCOME NOMINAL PRICES OIL OIL PRICE OIL PRICES OPEC OPERATING COSTS ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES PAVEMENT DAMAGE PAVEMENT SURFACE PENSION PENSION SYSTEM PENSIONS PERFORMANCE APPRAISAL POLICY MAKERS POLITICAL RISK POLITICAL RISKS PRICE INCREASES PRICE MOVEMENTS PRIVATE CONSUMPTION PRIVATIZATION PRODUCERS PRODUCTIVITY GROWTH PROPERTY RIGHTS PUBLIC BUDGET PUBLIC EXPENDITURES PUBLIC EXPENDITURES ON ROADS PUBLIC FUNDS PUBLIC INVESTMENT PUBLIC SAFETY PUBLIC SERVICES PUBLIC SPENDING QUALITY OF TRANSPORT RAIL RAIL SECTOR RAILWAYS REAL INCOME REAL WAGES REGULATORY BARRIERS RESERVE RESERVE FUND RESERVE REQUIREMENTS RESERVES RETIREMENT RETURN REVERSE AUCTION RISK AVERSION RISK PREMIUMS ROAD ROAD DESIGN ROAD DESIGN STANDARDS ROAD INDUSTRY ROAD INFRASTRUCTURE ROAD MAINTENANCE ROAD MANAGEMENT ROAD NETWORK ROAD PROJECTS ROAD SECTOR ROAD TYPES ROAD USERS ROADS ROUTES SAFETY NETS SHORT-TERM BORROWING SHORT-TERM BORROWINGS STOCK MARKET CAPITALIZATION STOCKS SUSTAINABLE GROWTH TAX TAX ADMINISTRATION TOLL TOLL ROADS TOTAL DEBT TRADE BALANCE TRADING TRANSPARENCY TRANSPORT TRANSPORT INFRASTRUCTURE TRANSPORT PRICING TRANSPORT SECTOR TRANSPORT STRATEGY TRANSPORTATION TRUCKS UNEMPLOYMENT UNEMPLOYMENT RATE USER CHARGES VALUE ADDED VEHICLE VEHICLE REGISTRATION VEHICLES WAGES WILLINGNESS TO PAY WORLD STOCK MARKET
Online Access:	http://documents.worldbank.org/curated/en/332901468107067357/Sustaining-reforms-under-the-oil-windfall http://hdl.handle.net/10986/27251

Description
Summary:	Despite the recent slowdown, the underlying growth of the global economy remains solid. After a 4 percent growth in 2010, Russia's real output is expected to grow 4.4 percent in 2011, increasingly driven by domestic demand. Russia's households have absorbed the food price shock thanks to a combination of higher wages and pensions, and resort to private and public safety nets. The country emerged from the global recession with lower unemployment and poverty than feared. But global risks and uncertainties increased with the new oil shock. Although the short-term impact will be positive for Russia's export and fiscal revenues, there is no room for complacency. Macroeconomic policy should focus on the short-term objective of controlling inflation and medium-term fiscal adjustment towards long-term, sustainable level of non-oil fiscal deficit. Improving the efficiency of public expenditure to create fiscal space for productive infrastructure and strengthening the investment climate for the private sector remain among key long-term challenges. The ongoing rethinking of the government's long-term strategy and a period of high oil revenues provide an opportunity to focus on these long-term issues more forcefully than during the global crisis.