After two years of recession, the economy will return to growth in 2017, as higher real wages boost private consumption and lower interest rate support investment. However, structural bottlenecks continue to hinder further diversification of the economy. The strength of the recovery will also remain dependent on the rebound of oil prices. The poverty rate, which increased from 11% in 2014 to 13% in 2015, will progressively decline as the labour market strengthens and inflation slows down.
The Russian Federation took over the G20 presidency on 1 December 2012, a time when all international organisations and countries had downgraded their growth forecasts for the year ahead. Against this background and the need for urgent and co-ordinated policy action to put the recovery back on track, we decided to refocus the G20 agenda on the issue of growth and jobs, and to work on very concrete actions and commitments for G20 leaders to discuss and possibly endorse at the Saint Petersburg summit in September 2013.
The Russian presidency of the G20– the “premier forum for international economic cooperation”–is fast approaching its climax with the leaders’ summit taking place in Saint Petersburg on 5 and 6 September. By presiding over a group that represents 80% of the world’s GDP and that is sometimes dubbed the “steering committee” of the world economy, Russia has used this influential position to make a significant contribution to strengthening the recovery of the world economy.
Russia Snapshot 2013
Find key economic figures and trends for Russia from OECD Yearbook 2013
Russia's human capital challenge
To pursue economic growth, Russia must develop its human capital, which requires structural reforms in education, healthcare and pensions.
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