|The Russian Federation||2016|
|GDP, current US$ billion||1,286.2|
|GDP per capita, current US$||8,769|
|School enrollment, primary (% gross) (2014)||98.6|
|Life Expectancy at birth, years (2015)||71.4|
Russia is a vast, resource-rich country, with immense diversity. It has coped with the dual shocks of low oil prices and sanctions, but after a protracted recession, the economy returned to growth in 2017 following a 3.1% contraction in 2015–2016. This upward trend is expected to continue, with growth projected at 1.7% in 2017 and 2018 and 1.8% in 2019.
Maintaining and accelerating this growth over a longer term call for a concerted effort to implement structural reforms.
According to the World Bank Group’s Country Systematic Diagnostic for the Russian Federation: Pathways to Inclusive Growth, Russia needs to address key constraints to productivity growth, such as the remaining weaknesses in the investment climate, the lack of sufficient competition, physical and non-physical barriers to infrastructure connectivity, the relatively low innovation capacity of firms, and the mismatch between available skills and those demanded by the labor market.
Improving the health of the population and the access to and quality of education are also essential. Strengthening governance at all levels and ensuring fiscal and environmental sustainability will have to underpin these efforts.
Progress is critical for Russia to get back on the path toward sustainable growth and the expansion of shared prosperity across this vast and diverse country.
Last Updated: Oct 06, 2017