The Russian Federation entered the global financial and economic crisis strong and emerged from it stronger than most. The prudent macroeconomic management of the country’s natural resources protected it from the worst effects of the economic downturn. A strong countercyclical package financed through revenues from oil and gas, saved for a rainy day, helped keep unemployment and poverty in check. But the crisis also served as a stark reminder for the Government that the country is too dependent on oil and gas and that it needs to free the economy from their own version of the “resource trap”. Going forward, the World Bank Group (WBG) 2012-2016 Country Partnership Strategy (CPS) will support Russia’s to increase growth and diversification through better management of public finances, improved investment climate and innovation, stronger financial sector, better infrastructure, and more effective protection of the environment, expand human potential by strengthening skills and social services through improvements in education, health, and social protection, deepen Russia’s global and regional role related to its aspirations as a donor and the provision of global public goods and, as a cross-cutting theme, improve governance and transparency through more accountability.

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