Russia's Monthly Economic Developments
July 13, 2015
- In June, the European Council extended EU economic sanctions against Russia for another six months while Russia extended its food import ban against Western countries for a year.
- A fluid situation on global financial markets and yet again lower growth prospects led to oil prices losing ground in early July.
- Ruble depreciation pressure remained throughout June as demand for foreign currency increased while supply declined slightly due to lower oil prices.
- Russia’s first quarter GDP growth was revised from -1.9 to -2.2 percent−still slightly less than projected earlier−while May high frequency statistics show a deepening recession.
- On June 25, the government approved the main parameters for the 2016–2018 budgets, foreseeing persistent deficits and evaporating fiscal buffers despite significant expenditure cuts.
- 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”