{
  "title": "Russian Federation: 2019 Article IV Consultation-Press Release; Staff Report",
  "publication": "IMF Staff Country Reports, August 2, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/08/01/russian-federation-2019-article-iv-consultation-press-release-staff-report-48549",
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  "summary": "This 2019 Article IV Consultation with Russian Federation discusses that growth is projected at 1.2 percent in 2019, reflecting a weak first quarter estimate, lower oil prices and the impact of the higher value-added tax rate on private consumption.",
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    {
      "heading": "Growth outlook",
      "content": "- Growth is projected at 1.2 percent in 2019, reflecting a weak first quarter estimate, lower oil prices and the impact of the higher value-added tax rate on private consumption.\n- Gross domestic product growth should be supported by an increase in public sector spending in the context of the national projects announced in 2018.\n- The medium-term growth outlook remains modest.\n- Absent deeper structural reforms, long-run growth is projected to settle around 1.8 percent.\n- Public infrastructure spending under the national projects together with increased labor supply due to pension reform could have a positive effect on the growth rate of potential output."
    },
    {
      "heading": "Inflation and price outlook",
      "content": "- Inflation has begun to fall and is expected to return to the 4 percent target by early 2020."
    },
    {
      "heading": "Fiscal and public spending",
      "content": "- An increase in public sector spending associated with the national projects announced in 2018 is expected to support GDP growth."
    },
    {
      "heading": "Structural reforms and policy recommendations",
      "content": "- It is recommended that it is imperative to enhance competition by facilitating entry/exit and reforming public procurement.\n\n---\n\n Content in this bundle\n\n- 1rusea2019001\n  - 1rusea2019001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1rusea2019001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 2, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513509693.002",
    "Growth is projected at 1.2 percent in 2019, reflecting a weak first quarter estimate, lower oil prices and the impact of the higher value-added tax rate on private consumption.",
    "Gross domestic product growth should be supported by an increase in public sector spending in the context of the national projects announced in 2018.",
    "The medium-term growth outlook remains modest.",
    "Absent deeper structural reforms, long-run growth is projected to settle around 1.8 percent.",
    "Public infrastructure spending under the national projects together with increased labor supply due to pension reform could have a positive effect on the growth rate of potential output.",
    "An increase in public sector spending associated with the national projects announced in 2018 is expected to support GDP growth.",
    "It is recommended that it is imperative to enhance competition by facilitating entry/exit and reforming public procurement.",
    "**1rusea2019001**"
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