Russian Federation : Staff Report for the 2003 Article IV Consultation

This 2003 Article IV Consultation highlights that the macroeconomic developments in the Russian Federation remained generally strong, with a third consecutive year of considerable GDP growth, fiscal surplus, and large current account surplus. The economy continues to benefit from the earlier reforms and the post-crisis real depreciation of the ruble, as well as strong world energy prices. For a second consecutive year, Russian financial markets were among the best performing in the world, and rating agencies provided a series of upgrades in 2002.