The past 25 years have witnessed unprecedented changes around the world - many of them for the better. Across the continents, many countries have embarked on a path of international integration, economic reform, technological modernization, and democratic participation. As a result, economies...

Half a year ago, Russia's economic prospects looked uncertain. The global economy was losing momentum, the expansion in the euro area was grinding to a halt and commodity prices were beginning to fall. Yet, while output growth is slowing this year in line with weaker growth in Europe and...