Russia's Monthly Economic Developments
December 10, 2014
- The World Bank revised its 2014 growth projection for Russia up from 0.5 percent to 0.7 percent.
- Sliding oil prices led to a fresh round of sharp Ruble depreciation.
- The Ruble weakness and the food import ban continued pushing up consumer prices in November, making a further significant policy rate hike by CBR on December 11 likely.
- But the weaker Ruble appears to have supported industrial activity, which reported robust growth in October, yet we expect the positive lift from import substitution to be short-lived as consumer demand is fading.
- Russia’s financial sector outlook deteriorated as the depositors’ base continues to erode and refinancing risks increase.
- The government continued using the National Welfare Fund to enhance the stability of the financial system.
- 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”