Russia’s domestic and international audiences need up-to-date, evidence-based analyses on major policy issues in Russia. Analysis of pressing macroeconomic and structural issues facing Russia helps stimulate public debate and contributes to the formulation of better policies for the citizens of the country. The World Bank’s Russian Economic Reports (RERs) provide up-to-date, evidence-based analyses of major policy issues in Russia. The objective of the reports is to stimulate public debate and influence policy through the real time analysis of economic developments and key public policy issues. A secondary objective is to raise the World Bank’s profile as a premier development analysis and policy knowledge institution in a major middle-income country and as a platform for broader engagement with the country.
Each report contains a special focus, based on work carried out by the World Bank as part of its analytical and advisory assistance program to the Russian Federation. Since 2004 when they were launched, the World Bank has produced 17 reports, typically 2-3 per year. The last four reports (No. 14, 15, 16, and 17) covered major issues--from the Russian financial crisis, overheating of the economy, long-term fiscal sustainability, productivity growth, and regional development, to tackling health reform and energy efficiency in Russia. Russia’s three-year budget and long-term budget strategy—key policy frameworks guiding Russia’s medium and long-term fiscal policy planning--relies to a significant degree on the analysis and scenario simulations presented in RER#16. The most recent RER#17 provided a detailed anatomy of the Russian financial crisis, assessment of the policy response, and outlook---the most comprehensive to date—and advocated necessary measures.
The reports have contributed to better economic outcomes for improving the people’s lives. One example is the RER#16 estimate of major fiscal risks associated with a precipitous cut in the Value Added Tax (VAT) rate, which was a hotly debated policy issue. In the event, the right policy choice was made not to reduce the VAT rate, which proved an important step that prevented revenue losses during the subsequent financial crisis. Key Russian policymakers and counterparts (including Arkady Dvorkovich, Chief Economic Adviser to President Medvedev; Deputy Minister of Finance Sergienko; and Budget Director Lavrov) have expressed their appreciation and value of the RERs.
All reports are in the public domain and are widely used as a prime international and domestic reference on current economic and policy developments in Russia, as evidenced by the fact that they attract the largest number of hits of ECA products on the World Bank website.
"The Russian Federation keeps an eye on, analyzes and generally pays a lot of attention to all analytic materials prepared by the World Bank. The World Bank Russian Economic Report is of great interest to us in the Ministry. We realize that the Bank, as a creditor, needs to analyze all economic processes in Russia as well as macroeconomics, economic perspectives, balance of payments and fiscal balance. We think their work is very professional, performed at a high economic level. We value it highly and apply it in practice." — Dmitry V. Pankin, Deputy Minister of Finance, Ministry of Finance of the Russian Federation
"Russian Economic Reports are an important international analytical reference on current economic developments and policies in the Russian Federation. If you want to understand the Russian current economic situation and issues, Russian Economic Reports are a great place to start. They are analytically rigorous yet clearly written so they will be understood by broad internal and international audiences. The Reports are in use by government authorities, Russian economists and foreign investors. It is also notable that the reports have stimulated lively public debate on several issues such as fiscal sustainability, productivity, and complex analytical and policy issues around the ongoing global financial crisis." — Evsey T. Gurvich, Head of the Economic Expert Group
Since they were launched in 2004, the World Bank has produced 17 RERs.
The RER series has helped stimulate and shape public debate on a variety of economic issues and helped the Government in policy formulation.
RERs are read widely, and used and cited by key economic ministries of the Government, the expert community, NGOs, and Russian and international media.
RER#15 (on productivity and regional growth) fed into internal Government discussions on the socio-economic reform program.
RER#16 (on fiscal sustainability) was used by the Ministry of Finance in formulating the long-term fiscal strategy of the Russian Federation. The results are proving valuable to the Government as it manages the financial crisis.
RER#17 (on the financial crisis) has provided the Ministry of Finance with an early, independent assessment of the impact of the crisis and recommendations for further policy responses, several of which were adopted.
To stimulate public debate on policy in Russia, analysis should always focus on big, priority issues from the perspective of growth and poverty reduction - for example, stressing policies for productivity growth and diversification, a key challenge for Russia.
Policy analysis should be selective and timely. Shorter, quicker and widely disseminated reports can enhance the relevance of more comprehensive and deeper analysis and knowledge. RERs are produced on a tight timetable of 5-6 weeks building on knowledge previously gathered.
Russia’s domestic and international audiences need up-to-date, evidence-based analyses on major policy issues in Russia. Analysis of pressing macroeconomic and structural issues facing Russia helps stimulate public debate and contributes to the formulation of better policies for the citizens of the country. The World Bank’s Russian Economic Reports (RERs) provide up-to-date, evidence-based analyses of major policy issues in Russia. The objective of the reports is to stimulate public debate and influence policy through the real time analysis of economic developments and key public policy issues. A secondary objective is to raise the World Bank’s profile as a premier development analysis and policy knowledge institution in a major middle-income country and as a platform for broader engagement with the country.
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