Russian Federation - Concluding Statement for the 2012 Article IV Consultation Mission Moscow, June 13, 2012

International Monetary Fund ()

Voprosy Ekonomiki, 2012, issue 7

Abstract: now running close to its potential. While demand pressures risk overheating the economy in the short run, medium-term growth prospects are constrained. To address these challenges Russia should continue to strengthen the conduct of macroeconomic policy and tackle long-standing structural bottlenecks. An ambitious fiscal adjustment is needed to ensure that economic growth is balanced, fiscal policy is not pro-cyclical, and oil wealth is spent equitably across generations. Meanwhile, monetary policy should be tightened to keep underlying inflation on a declining path. The increased exchange rate flexibility has been a major policy advancement and is helping the Russian economy absorb external shocks, including spillovers from the international financial turbulence. A stronger supervisory framework is key to promote sound financial intermediation. Critically, the new government should deliver promptly on longawaited structural reforms, including measures to improve the investment climate.

Date: 2012
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