Russian Economic Report
Russian Economic Report No. 20, November 2009
33 Pages Posted: 10 Apr 2011
Date Written: 2009
2009 has been a difficult year, with larger-than-expected losses in output and employment and a sharp rise in poverty. But the Russian economy, aided by higher oil prices and stronger global demand, is beginning to turn around - very slowly. In 2010, it could grow modestly from a low base, by 3.2 percent, thanks to better fiscal and balance of payments outlooks. But downside risks remain, associated with weak domestic demand and remaining structural constraints. On the policy front, Russia faces difficult fiscal, financial, and social challenges to sustain the economic recovery and cushion the social impact in a more constrained, post-crisis world. The new environment provides an opportunity to accelerate structural reforms that can raise productivity and diversify the Russian economy.
Keywords: Russia, Russian economy, growth, inflation, poverty
JEL Classification: E1, O1, O11, O12, O52, P30
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