Russia’s newly strengthened macroeconomic anchors. But absent a widening output gap, expansionary fiscal and monetary … growth, Russia needs to further strengthen the macroeconomic policy framework and implement supply-side reforms. The … constraints, Russia should reduce the regulatory burden to facilitate more private sector activity in key sectors, strengthen the …

in Russian Federation. Russia has seen an increase in exchange rate volatility during the past few years compared with …

This Selected Issues paper estimates potential output and the output gap in Russia. Estimating potential output in … Russia is difficult because its economy is large and complex, in transition, and dependent on oil. First, Russia presents …. Third, the energy sector dominates exports and GDP, making Russia vulnerable to large terms of trade shocks. This paper …