Russian Federation:2020 Article IV Consultation-Press Release; Staff Report

2020 Article IV Consultation-Press Release; Staff Report

Volume/Issue: Volume 2021 Issue 036

Publication date: February 2021

ISBN: 9781513568751

$18.00

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Topics covered in this book

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International - Economics , Money and Monetary Policy , Economics- Macroeconomics , Inflation , Finance , January data , upside risk , staff appraisal , preliminary data , IMF staff estimate , Oil prices , Fiscal stance , Inflation , Loans , Global , CONSULTATION-SUPPLEMENTARY information , Policy discussion

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Summary

Russia entered the crisis with low potential growth but strong macroeconomic policy frameworks and significant buffers. Policy space allowed the authorities to mount a sizeable public health and countercyclical response to the crisis, which has helped limit the economic downturn. Nevertheless, the crisis is likely to leave some long-term scars.