러시아ㆍ유라시아

Although Russian companies and households were rapidly taking on debt before the onset of economic crisis, their debt ratios remain relatively low. Bank lending was still growing at an annual rate of 50% at the start of 2008, which had a positive influence on economic growth. But more recently the impact has been negative, as the stock of outstanding bank credit measured in real terms declined last year. The Russian government also acknowledges the importance of the financial sector for economic recovery, and the state-owned banks have been under pressure to increase their lending. Since the start of summer 2009, the top companies have been obtaining financing via the bond markets.

Zuzana Fungáčová is BOFIT economist, and Sanna Kurronen monitors the Russian economy and financial markets for Pohjola Bank.

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