Russia's Monthly Economic Developments
January 16, 2015
- The retreat in crude oil prices continued in December and the first half of January with oil prices falling below US$50 per barrel for the first time since 2009.
- The continued downward adjustment in oil prices amplified the Russian currency crisis and the increasing risk to the financial sector, to which the authorities reacted with coordinated stabilization measures.
- Inflation soared into the double digits at the end of 2014 despite the CBR’s tightening.
- The 2014 federal budget is expected to be in deficit due to measures to recapitalize Russia’s banking sector.
- The World Bank further lowered its 2015 growth projection for Russia to -2.9 percent from -1.5 percent.
- 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”