TY  - BOOK
ED  - World Bank.
ED  - World Bank.
TI  - Russian Economic Report, No. 24, March 2011: Sustaining Reforms under the Oil Windfall
T2  - Economic Updates and Modeling
PY  - 2011///
CY  - Washington, D.C.
PB  - The World Bank
KW  - Accounting
KW  - Agriculture
KW  - Airports
KW  - Asset Management
KW  - Business Environment
KW  - Capital Expenditures
KW  - Capital Flows
KW  - Capital Markets
KW  - Civil Service
KW  - Commodity Prices
KW  - Competitiveness and Competition Policy
KW  - Credit Default Swaps
KW  - Debt
KW  - Decision Making
KW  - Developed Countries
KW  - Developing Countries
KW  - Economic Forecasting
KW  - Economic Growth
KW  - Financial Services
KW  - Fiscal & Monetary Policy
KW  - Fiscal Policy
KW  - Fuel Taxes
KW  - Gdp
KW  - Global Economy
KW  - Gross Domestic Product
KW  - Inflation
KW  - Interest Rates
KW  - Investment Climate
KW  - Labor Costs
KW  - Labor Market
KW  - Macroeconomics and Economic Growth
KW  - Market Economy
KW  - Monetary Policy
KW  - Operating Costs
KW  - Private Sector Development
KW  - Privatization
KW  - Property Rights
KW  - Public Investment
KW  - Public Safety
KW  - Public Sector Development
KW  - Public Spending
KW  - Railways
KW  - Retirement
KW  - Risk Aversion
KW  - Roads
KW  - Tax Administration
KW  - Toll Roads
KW  - Transparency
KW  - Transport
KW  - Unemployment
KW  - Vehicles
KW  - Wages
N2  - 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
UR  - http://elibrary.worldbank.org/doi/book/10.1596/27251
ER  -