Executive Summary
Assessment and Recommendations
Chapter 1. Stabilisation and Renewed Growth: Key Challenges
-The high growth rates of the past ten years were boosted by temporary factors, as the severity of the current crisis has confirmed
-The main short-term challenge is minimising the extent of the economic downturn while safeguarding macroeconomic stability and fiscal sustainability
-Beyond the current crisis, Russia faces a number of longer-term challenges
Chapter 2. Ensuring Growth-Friendly Fiscal Policy in both the Short and the Long Term.
-A golden decade of fiscal policy ended with the onset of the economic crisis
-Assessing the fiscal response to the crisis
-Fine tuning the treatment of oil and gas
-Scope for further tax reform to raise potential growth rates
-Other important reforms
Chapter 3. Making Exchange Rate Policy More Flexible and Monetary Policy More Effective
-The record of monetary policy during the year of rising commodity prices was mixed
-The global recession and sharply falling commodity prices posed a severe policy challenge
-Annex 3.A1. Inflation targeting in emerging markets and commodity exporting countries
-Annex 3.A2. Econometric estimation of the empirical determinants of inflation in the Russian Federation
Chapter 4. Making the Banking Sector More Efficient and Resilient
-The global economic crisis has revealed weaknesses in the banking sector, but also brings opportunities
-Development of the Russian banking system - gradual maturation punctuated by crises
-Strengths and weaknesses of the current system
-Dealing with the current crisis and reducing the probability of future ones
-Achieving a deeper and more efficient banking system
Chapter 5. Improving regulation in Russia's Goods and Services Markets
-The OECD's PMR indicators
-The extent of product market competition in Russia is generally weak
-Product market competition improves economic performance
-The detailed PMR indicator results and policy recommendations
-Annex 5.A1. Regulation of the Russian electricity sector
-Annex 5.A2. Results of the PMR assessment of the Russian Federation