The World Bank in Russia

After a prolonged recession, Russia’s economy has continued to grow since 2017, supported by stronger global growth, higher oil prices, and solid macro fundamentals. However, economic growth is projected to slowdown in 2020 due to the coronavirus pandemic and falling oil prices.

Featured

Russia Economic Report

Russia's Economy Loses Momentum

Russia's economy loses momentum amid COVID-19 resurgence.

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

Opinion

Under the Shadow of a Pandemic

What has Russia’s economic policy response to COVID pandemic been so far? And, what is working and what is not?

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

View All Research

Economic Report Dec 16, 2020

Russia's Economy Loses Momentum Amidst COVID-19 Resurgence

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.

View More Data

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.

Learn more...

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%.