This 2014 Article IV Consultation highlights that the Russian Federationas growth slowdown that began in 2011, reflecting structural constraints, continued in 2013 despite accommodative policies. Real GDP growth slowed to 1.3 percent owing to a contraction in investment while consumption remained robust owing to strong real wage growth and an unsecured consumer credit boom. The general government balance moved from a modest surplus in 2012 to a deficit of slightly more than 1 percent of GDP in 2013. The IMF staff projects real GDP growth at 0.2 percent in 2014 with considerable downside risks.The fiscal stance is broadly appropriate for 2014 but flexibility could be considered in case ofa more severe cyclical ... In recent weeks, the federal government has canceled some domestic bond auctions, stating that the implied interest ratesanbsp;...
|Title||:||Russian Federation: 2014 Article IV Consultation-Staff Report; Informational Annex; Press Release|
|Author||:||International Monetary Fund. European Dept.|
|Publisher||:||International Monetary Fund - 2014-07-01|