Global industrial production suffered its steepest fall since the global financial crisis. Our Standards: The Thomson Reuters Trust Principles. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. The World Bank, December 2018, Russia Economic Report 39 OECD line graph shows that GDP Growth in Russia reached an all-time low of -7.8% in 2009 followed by a rapid jump to 4.5% next year. Okay to continue The GDP (gross domestic product) in Russia is forecast to amount to US$1,797.20bn in 2024. After that GDP growth was falling until -3.7% in 2015. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. OECD line graph shows that GDP Growth in Russia reached an all-time low of -7.8% in 2009 followed by a rapid jump to 4.5% next year. The development of such skills is not only important for the future labor market, but can also be part of an effective response to the COVID-19 crisis, by raising personal resilience, efficiency, and employability of young people. OECD ECONOMIC OUTLOOK Report june 2020 Extract of the report 10 june 2020 The spread of Covid-19 has shaken people’s lives around the globe in an extraordinary way, threatening health, disrupting economic activity, and hurting wellbeing and jobs. Russia has become more resilient to external shocks since 2014, but the dual shock of weak global oil prices and deteriorating domestic demand amid the coronavirus outbreak will result in an economic contraction of 5.7% in 2020. Russia is ranked 34th in the World Bank’s human capital index, and has become one of the global leaders in education outcomes. All rights reserved. July 6, 2020: 43rd Issue of the Russia Economic Report. Real disposable incomes will decline as inflation rises, Fitch said, but the economy should pick up in the second half of the year when the government increases its capital spending. the rise was largely due to "one-off effects in [non-residential] construction" and the football World Cup that Russia hosted last summer. Russia’s economy is expected to drop from sixth to eighth place on the list — but the country’s economy will still grow sizeably despite western sanctions. the World Bank’s downgraded forecast for global growth from 2.9 percent to 2.6 percent. People engaged in the retail, tourism, hospitality, and entertainment industries are most affected in the short run, due to lockdown measures and their limited ability to work online. Are you sure you want to delete this page? However, Russia’s education system still faces some important challenges, which are being exacerbated by the COVID-19 pandemic. 35 0 obj <> endobj OECD line graph shows that GDP Growth in Russia reached an all-time low of -7.8% in 2009 followed by a rapid jump to 4.5% next year. Russian banks entered the crisis with reasonable capital buffers and comfortable liquidity. In the near future GDP growth in Russia is expected to stabilize at the level of 1.5% or higher. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. Our tools allow individuals and organizations to discover, visualize, model, and present their data and the world’s data to facilitate better decisions and better outcomes. They were placed on your computer when you launched this website. 88 0 obj <>stream Quick data summaries and visualizations on trending industry, political, and socioeconomic topics from Knoema’s database. Our website uses cookies to improve your online experience. Global data and statistics, research and publications, and topics in poverty and development. Panelists expect the economy to expand 1.3% in 2017. Heightened global risk aversion on financial markets, further exacerbated by a slump in oil prices, has weakened the ruble by 11 percent since the beginning of 2020. The World Bank, December 2019, Russia Economic Report 41 Real GDP growth exceeded expectations in 2018, reaching 2.3 percent despite international sanctions. Inflation-control target, along with flexible exchange rate, is the main instrument of the monetary policy of the Bank of Canada. World and regional statistics, national data, maps and rankings, Latest releases of new datasets and data updates from different sources around the world. The COVID-19 pandemic has triggered a deep global economic recession. 2020 Projected Consumer Prices (% Change). 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