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Sustaining reforms under the oil windfall (Russo)

Despite the recent slowdown, the underlying growth of the global economy remains solid. After a 4 percent growth in 2010, Russia's real output is expected to grow 4.4 percent in 2011, increasingly driven by domestic demand. Russia's households have absorbed the food price shock thanks to a combination of higher wages and pensions, and resort to private and public safety nets. The country emerged from the global recession with lower unemployment and poverty than feared. But global risks and uncertainties increased with the new oil shock. Although the short-term impact will be positive for Russia's export and fiscal revenues, there is no room for complacency. Macroeconomic policy should focus on the short-term objective of controlling inflation and medium-term fiscal adjustment towards long-term, sustainable level of non-oil fiscal deficit. Improving the efficiency of public expenditure to create fiscal space for productive infrastructure and strengthening the investment climate for the private sector remain among key long-term challenges. The ongoing rethinking of the government's long-term strategy and a period of high oil revenues provide an opportunity to focus on these long-term issues more forcefully than during the global crisis.


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    Federação Russa,

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    Europa e Ásia Central,

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    Sustaining reforms under the oil windfall

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    access to loans, accounting, agricultural output, Agriculture, airports, asset management, auditing, balance of payment, Balance of payments, balance sheets, Bank credits, bank lending, Bank Policy, banking sector, banking sectors, bankruptcies, banks, basis points, benchmark, bond, Bond issuance, borrowing capacity, bridge, budgeting, capital account, capital budgeting, capital expenditures, Capital Flows, capital formation, capital inflows, capital market, capital markets, Central Bank, civil service, commercial debt, commodity prices, competitiveness, consolidation, consumer loans, Consumer Price Index, cost savings, CPI, Credit Default, Credit Default Swap, credit default swaps, credit enhancement, Credit enhancements, credit growth, credit guarantees, credit markets, creditors, currency basket, debt, debt burden, Debt financing, debt repayments, debt transactions, debtor, decision making, developed countries, developing countries, Disposable Income, dividends, domestic borrowing, domestic market, Economic Developments, economic factors, economic growth, Economic Outlook, emerging market, emerging market equity, emerging markets, enabling environment, Enterprise Performance, environments, equipment, equity funds, equity indexes, equity issuance, equity market, Exchange Rate, Excise tax, Excise tax on gasoline, excise taxes, expenditure, exports, external borrowing, External debt, fares, federal budget, Financial services, Fiscal Deficit, Fiscal policy, foreign currency, forestry, fuel, fuel tax, Fuel taxes, GDP, global economy, Global Trade, government expenditure, government ownership, government regulations, gross domestic product, high unemployment, highway, highway system, income growth, inflation, Infrastructure bonds, infrastructure investment, infrastructure investments, infrastructure rehabilitation, initial public offering, instrument, interest rate, interest rate differentials, interest rates, international reserves, inventory, investment climate, judicial independence, labor costs, Labor market, Labor Productivity, lack of competition, liability, liquidity, long-term loans, M2, macroeconomic environment, Macroeconomic policy, market conditions, market contagion, market development, market economy, market price, market size, maturity, mobile phone, modes of transport, monetary policies, monetary policy, money supply, national income, nominal prices, Oil, oil price, oil prices, OPEC, operating costs, Organization of Petroleum Exporting Countries, Pavement damage, pavement surface, pension, pension system, pensions, performance appraisal, policy makers, political risk, political risks, price increases, price movements, private consumption, privatization, producers, productivity growth, property rights, public budget, public expenditures, public expenditures on roads, public funds, public investment, public safety, public services, public spending, quality of transport, rail, rail sector, railways, real income, Real wages, regulatory barriers, reserve, reserve fund, reserve requirements, reserves, retirement, return, reverse auction, risk aversion, risk premiums, road, road design, road design standards, road industry, road infrastructure, road maintenance, road management, road network, road projects, road sector, road types, road users, roads, routes, safety nets, short-term borrowing, short-term borrowings, stock market capitalization, stocks, sustainable growth, tax, tax administration, toll, toll roads, Total debt, Trade balance, trading, transparency, transport, transport infrastructure, transport pricing, transport sector, Transport Strategy, transportation, trucks, unemployment, unemployment rate, user charges, Value Added, Vehicle, vehicle registration, vehicles, wages, willingness to pay, world stock market



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