Russian Federation: Staff Report for the 2016 Article IV Consultation-Press Release; and Staff Report

July 13, 2016

Preview Citation

Format: Chicago

Russian Federation: Staff Report for the 2016 Article IV Consultation-Press Release; and Staff Report, (USA: International Monetary Fund, 2016) accessed November 21, 2024

Summary

This 2016 Article IV Consultation highlights that the Russian economy contracted by 3.7 percent in 2015 owing to falling oil prices and the quasi closure of international financial markets to Russian entities. The economic contraction is nonetheless shallower than previous recessions as a stronger external position and the authorities’ economic package cushioned the shocks, helped restore confidence and stabilized the financial system. Lower oil prices and needed fiscal adjustment will keep the economy in recession in 2016 with an expected decline in real GDP of 1.2 percent. Growth is expected to resume in 2017 and reach 1 percent, as domestic demand slowly recovers on the back of easing financial conditions and pent up demand.

Subject: Banking, Commercial banks, Correspondent banking, External debt, Financial institutions, Financial services, Fiscal consolidation, Fiscal policy, Oil prices, Prices

Keywords: Banking system survey, Broad money, Commercial banks, Correspondent banking, CR, Development challenge, Fiscal consolidation, Global, Growth-enhancing expenditure, IMF staff estimate, ISCR, Oil prices, Portfolio, Russia, Support program

Publication Details

Pages:

63
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2016/229
Stock No:

1RUSEA2016001
ISBN:

9781498362245
ISSN:

1934-7685

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