Tight monetary policy has successfully brought down inflation, and now can be eased further to support the recovery, especially investment. Fiscal policy has been rightly accommodative during the recession. Fiscal consolidation plans for 2017 and 2018 aim at reducing the headline deficit by about 1% of GDP per year on average. A less tight fiscal policy is projected, as considerable economic slack remains and the electoral cycle may push up public spending.
GDP growth | |||
2013 Current prices RUB trillion |
2016
|
2017 % real change |
2018
|
71.0 | -0.8 | 0.8 | 1.0 |
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©OECD Observer No 308 Q4 2016
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