The aim of this note is to present and analyze subnational fiscal trends in Russia in the context of overall slowing economic growth and falling oil prices over the last few years. In particular, in 2015, GDP fell by 3.7 percent. Despite efforts to cut expenditures, the federal deficit increased...

This Report discusses the challenge of budget financing of core structural reforms, within a broader framework of fiscal management reforms in Russia. It argues that explicit financing of structural reforms is fully justifiable because these are the investments in the institutional...

The purpose of this Country Economic Memorandum (CEM) is to assess the extent of structural change in the Russian Federation, and its contribution to long-term growth - a prerequisite for meeting the government's ambitious economic objectives. The report starts with the hypothesis that Russia's...

The objective of this report is to provide an assessment of the development objectives before the Russian Federation. To that end, this report assesses: 1) development outcomes and prospects, and 2) the extent to which the Government has been able to implement its social and structural reform...

Russia's economy lost steam in 2013. Growth slowed to 1.4 percent in the first half (H1) of 2013, compared to 4.5 percent in H1 2012. This report examines in its first part several aspects of the economic slowdown. It shows that the slowdown was largely the result of weaker demand, which was due...