{
  "title": "Russian Federation: Staff Report for the 2015 Article IV Consultation",
  "publication": "IMF Staff Country Reports, August 3, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2015-article-iv-consultation-43143",
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  "summary": "This 2015 Article IV Consultation highlights that Russia entered 2014 with declining potential growth owing to the stabilization of oil prices, stalled structural reforms, weak investment, declining total factor productivity, and adverse population dynamics.",
  "sections": [
    {
      "heading": "Main findings",
      "content": "- Russia entered 2014 with declining potential growth owing to the stabilization of oil prices, stalled structural reforms, weak investment, declining total factor productivity, and adverse population dynamics.\n- The ongoing slowdown was exacerbated by the dual external shocks from the sharp decline in oil prices and sanctions.\n- The authorities took measures to stabilize the economy and the financial system."
    },
    {
      "heading": "Outlook and projections",
      "content": "- Russia is expected to be in recession in 2015 owing to the sharp drop in oil prices and sanctions.\n- Growth should resume in 2016 while inflation continues to decline."
    },
    {
      "heading": "Key subject areas highlighted",
      "content": "- Banking, Correspondent banking, Exchange rates, External debt, Financial services, Foreign exchange, Inflation, Oil prices, Prices"
    },
    {
      "heading": "Keywords and themes emphasized",
      "content": "- Baltics; Correspondent banking; cost of capital; CR; exchange rate; Exchange rates; financial asset; Global; government; increase competition; Inflation; ISCR; oil price benchmark; Oil prices; public finance; resolution framework; ruble depreciation; Russia\n\nRussian Federation: Staff Report for the 2015 Article IV Consultation (IMF Staff Country Report No. 2015/211).\n\n---\n\n Content in this bundle\n\n- cr15211\n  - cr15211 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr15211 (PDF){rel=\"external\" type=\"application/pdf\"}\n- cr15211r\n  - cr15211r (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr15211r (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 3, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513502441.002",
    "Russia entered 2014 with declining potential growth owing to the stabilization of oil prices, stalled structural reforms, weak investment, declining total factor productivity, and adverse population dynamics.",
    "The ongoing slowdown was exacerbated by the dual external shocks from the sharp decline in oil prices and sanctions.",
    "The authorities took measures to stabilize the economy and the financial system.",
    "Russia is expected to be in recession in 2015 owing to the sharp drop in oil prices and sanctions.",
    "Growth should resume in 2016 while inflation continues to decline.",
    "Baltics; Correspondent banking; cost of capital; CR; exchange rate; Exchange rates; financial asset; Global; government; increase competition; Inflation; ISCR; oil price benchmark; Oil prices; public finance; resolution framework; ruble depreciation; Russia",
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