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Russian Economic Report #28, Autumn 2012 October 9, 2012 The World Bank, Moscow Kaspar Richter, Sergey Ulatov Reinvigorating the Economy
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MESSAGES The economy performed well early in the year despite external headwinds. But now the economy is slowing. Economic policies can reinvigorate the economy by shoring up stability, building buffers against external volatility and lifting growth potential.
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Strong First Half of 2012
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Growth steady in Russia as recovery slows elsewhere Source: OECD, IMF, World Bank staff calculations Quarterly GDP growth, percent
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External surpluses Source: Rosstat, Economic Expert Group, World Bank staff calculations Percent of GDP (LHS) and Dollar per barrel (RHS)
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Fiscal surplus Source: Economic Expert Group, Ministry of Finance, World Bank staff calculations Percent of GDP
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Strong domestic demand Source: Rosstat, World Bank staff calculations Contributions to growth, percent
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Strong non-tradables and agriculture Source: Rosstat, World Bank staff calculations Growth, Jan to Jun, year-on-year, percent
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Fast credit growth Source: CBR, World Bank staff calculations Credit growth, percent, yoy
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Strong wage growth Source: Rosstat, World Bank staff calculations Real wage growth, year-on-year, percent
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Unemployment rate at record low Source: Rosstat, World Bank staff calculations Percent
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Poverty at record low Source: World Bank staff calculations Poverty projections
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Weak outlook
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Two oil price scenarios Source: World Bank staff calculations World Bank average oil price, US$ per barrel
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Growth moderating Source: World Bank staff calculations GDP growth, percent
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Economy already slowing Source: World Bank staff calculations Quarterly GDP growth, percent
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Growth of key indicators weaker Source: Rosstat, World Bank staff calculations Real growth, year-on-year, 3mma, percent
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Rising capacity utilization Source: Rosstat, World Bank staff calculations Percent
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Real wage growth moderating Source: Rosstat, World Bank staff calculations Contribution to real wage growth, % y-o-y
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External demand worse Source: Global Economic Prospects, World Bank staff calculations Real growth of world economy, percent
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Reinvigorating the Economy
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Macroeconomic Stability – Keeping inflation in check Source: Rosstat, World Bank staff calculations Percent, year-on-year
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Building Buffers – Lowering non-oil fiscal deficit Source: Ministry of Finance, World Bank staff calculations Draft medium-term budget plan, percent of GDP
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Building Buffers – Replenishing oil funds Source: Ministry of Finance, World Bank staff calculations Percent of GDP
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Structural policy – wages grew faster than productivity Source: Rosstat, World Bank staff calculations Real excess wage growth over output per worker growth, yoy, percent
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Structural policy – closing the productivity gap Source: OECD, World Bank staff calculations Gap in income, productivity and hours worked to US
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Structural policy – 2018 policy goals (a)Fixed investment (% of GDP); (b) High-technology and science-intensive sectors (% of GDP); (c) Labor productivity (GDP per worker; 2011=100); (d) World Bank Doing Business rank
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Thank you!
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