Russia emerged from the global crisis and returned to moderate growth with lower than expected unemployment and poverty, in part due to a large fiscal stimulus. After the initial bounce back in 2010, on the heels of domestic demand and higher oil prices, growth has remained stable – despite recent global market turbulence and the slowdown in the US and the large European economies. But the economy remains dependent on fossil fuel exports and vulnerable to commodity price volatility. There has been some shift to services over the years but the economic structure is still dominated by large corporations with concentration in natural resources and low value added industries, while contributions from the SME sector are limited. Against this background, since late 2010, global risks have risen and the global market turbulence in August 2011 resulted in a downward revision of the global outlook.
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September 2011
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