러시아ㆍ유라시아

Russia’s economy has returned to modest growth. After a two-year recession, GDP grew by 1.5 per cent in 2017 and 1.6 per cent year-on-year in the first half of 2018. Growth has been driven primarily by recovering household consumption and exports.

Inflation fell to an historical low, but picked up recently. The strong disinflationary trend continued in 2017 on the back of falling food prices and the strengthening rouble, with inflation reaching a record low (since 1993) of 2.2 per cent in January 2018. However, following the rouble depreciation, inflation accelerated somewhat in the third quarter of 2018.

The country has embarked on several structural reforms. The government has begun tax and pension reform, and is initiating significant new investments in infrastructure over the coming years.