The World Bank in Russia

Russia's economic recovery gathers pace. Country’s GDP growth is forecast at 3.2% in 2021. Global economic recovery, higher oil prices, and soft domestic monetary conditions in 2021 are expected to support a recovery led by household consumption and public investment.

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Knowledge Exchange Program

Leveraging Russia's Potential

A new phase in the relationship, reflecting Russia’s development achievements, remaining challenges, and aspirations.

Russia Economic Report

Economic Recovery Gathers Pace

Russia's economic recovery gathers pace, says new World Bank report.

Human Capital Index

Russia Among Global Top-10 Improvers

Russia is among the top ten countries globally for improvements to human capital development over the last decade

Country At-A-Glance

Russia’s economy emerged from recession to recovery in 2017. Deepening macroeconomic stability, firming energy prices, and a recovering global economy contributed to the return to growth. However, a renewal of solid growth will need private investment and a lift in consumer sentiment. Structural reforms designed to bolster investor confidence could greatly enhance long-term growth prospects.

Overview

Data

Project

Second National Hydromet System Modernization Project

The main objective of the project is to assist the Russian Federal Service on Hydrometeorology and Environmental Monitoring to further enhance the national capacity to deliver reliable and timely weather, hydrological and climate information.

Projects

Research

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Russia Economic Report May 26, 2021

Russia's Economic Recovery Gathers Pace

Report Dec 16, 2020

Russia Integrates: Deepening Country's Integration in the Global Economy

Policy Note Aug 31, 2020

Blue Economy: A Path for Krasnodar Krai

Working Paper Mar 20, 2020

Household Over-Indebtedness in Russia

Russia in Figures

Find data and facts about the country's development progress.

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The Human Capital Index quantifies the contribution of health and education to the productivity of the next generation of workers. Countries can use it to assess how much income they are foregoing because of human capital gaps, and how much faster they can turn these losses into gains if they act now.

Russia Overview | In Russian | Full Data

A new report, Competing in the Digital Age: Policy Implications for the Russian Federation, examines the role of emerging technologies in digital transformation and the policy responses to the disruptions they cause across a broad spectrum of economic activity. The report analyzes the successes and challenges of digital transformation in Russia and develops recommendations to help policy makers accelerate the pace of digital transformation across the main sectors of the Russian economy.

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Monetary policy remained consistent with the inflation-targeting regime, and is moving from moderately tight to neutral. Moderately tight monetary and fiscal policies, in combination with a favorable external environment and some one- off factors, let the Central Bank of Russia (CBR) to reach a record-low level of CPI inflation in 2017. CBR continued its gradual approach to monetary easing, moving from a moderately tight policy to a neutral one. Annual inflation now stands at a record-low level, even below the CBR’s target of 4 percent, while inflation expectations, though trending downward, remain elevated (Figure 5a). However, pro-inflationary factors are on the rise, as discussed later in the outlook section. Russia Economic Report 39

In 2017, the export value of goods in all categories – except for energy goods, metals and wheat, other important commodities exported by Russia – increased by 17%, y/y. Export value of tradable services such as ICT and business services increased by 21.6%, y/y and 7.8%, y/y respectively.

While this is a positive development, the share of oil and gas exports in total export of goods (by value) remains high at 58.7%.