Russia's Monthly Economic Developments
February 10, 2015
- The World Bank crude oil price indicator averaged US$47 per barrel in January, a 6-year low.
- The Ruble continued weakening in the face of falling oil prices, increasing geopolitical tensions and a surprise cut in the key policy rate by the Central Bank of Russia.
- Driven by high food inflation and a strong pass-through effect of the Ruble devaluation, inflation surged in January.
- The World Bank revised its Russia growth forecast for 2015 to -3.8 percent with a projected oil price of US$53/bbl.
- Industrial activity and retail trade increased in December, as the Ruble devaluation facilitated import substitution and led to a spike in demand for tangible assets.
- On January 30, the government revealed an anti-crisis plan of RUB 2.3 trillion.
- Development Partners Support the Creation of Global Financing Facility to Advance Women’s and Children’s Health
- 73 Countries and Over 1,000 Businesses Speak Out in Support of a Price on Carbon
- World Bank Group to Nearly Double Funding in Ebola Crisis to $400 Million
- International Food Prices Hit Four-Year Low
- Speech by World Bank Group President Jim Yong Kim at Howard University: “Boosting Shared Prosperity”