Russia entered the crisis with low potential growth but strong macroeconomic policy frameworks and significant buffers. Policy space allowed the authorities to mount a sizeable public health and countercyclical response to the crisis, which has helped limit the economic downturn. Nevertheless,...

In recent years, the authorities have put in place a sound macroeconomic policy framework that has reduced uncertainty and helped weather external shocks. The current macroeconomic policy mix combines moderately tight monetary policy with a broadly neutral fiscal stance. The medium-term growth...

The Russian economy is recovering from the 2015-16 recession. Over the past few years, the authorities have put in place a strong macroeconomic policy framework that has reduced uncertainty and helped weather external shocks. However, Russia's convergence to advanced economy income levels has...

Europe is facing slower growth as a result of protracted financial turbulence and spillovers from the U.S. Meanwhile, inflation has risen sharply. Policymakers in advanced economies will have to continue to support financial markets and balance risks to real activity with the need to anchor...

Strong fundamentals should allow Europe to weather financial turbulence relatively well. Nonetheless, growth is set to ease in 2008 in nearly all countries. Policymakers will need to deal up front with the financial market turmoil, while implementing fiscal consolidation and structural reforms,...

KEY ISSUES AND RECOMMENDATIONS Context. Growth was anemic in 2014, reflecting preexisting structural bottlenecks exacerbated by geopolitical uncertainty and sanctions. The ruble depreciated for the most part of 2014 and came under severe pressures at the end of the year due to the sharp decline...

KEY ISSUES Context: Belarus' economic model continues to make it highly vulnerable to economic shocks. This was illustrated once more by the turbulence in foreign exchange and debt markets late last year, to which the authorities initially responded with administrative measures before allowing...