Russia entered the global crisis with strong fiscal position, low public debt, and large fiscal and monetary reserves, which helped it cushion the crisis shocks. But the rise in the non-oil fiscal deficit in 2007-08 and, more importantly, the massive impact of the global crisis in late 2008 and 2009 have dramatically altered Russia's medium-term and long-term economic and fiscal outlook. While Russia is emerging from this crisis on a much stronger...
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2010/03/01
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Documento de trabalho sobre pesquisa de políticas
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WPS5240
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1
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1
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2010/07/01
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Disclosed
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Long-term fiscal risks and sustainability in an oil-rich country : the case of Russia
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oil revenue
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