Russian economy profile

With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Russian economy profile Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The World Bank Group works in every major area of development. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth.

Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. After a prolonged recession, Russia’s economy has continued to grow since 2017, supported by stronger global growth, higher oil prices, and solid macro fundamentals. In May 2018, Russia set ambitious economic targets that include doubling Russia’s growth to about 3 percent and halving the poverty rate to 6. Government initiatives to increase spending on education, health, and infrastructure could lift potential growth. Intensifying competition in the domestic market remains essential to achieving higher productivity. Although the current forecast of average annual GDP growth of about 1.

7 percent by itself will not lead to halving poverty by 2024, this goal could be achieved by an additional redistribution of about 0. 4 percent of GDP annually through social assistance and transfers. The World Bank conducts research and analysis and provides policy advice and capacity development for Russia’s economic and social development at the federal and regional levels in such areas as the investment climate, green finance, health care, education, including early childhood development and skills, social protection, and community-driven development and participatory budgeting. Russia is an important donor partner for the World Bank Group.

The Bank’s partnership with the Russian Government helps bring the country’s knowledge and financial resources to benefit other countries around the world. The RAS portfolio includes activities on the investment climate, statistics, health care, education and skills, social protection, and community-driven development and participatory budgeting. The knowledge program is delivering results. Citizens, working together with municipal authorities, identify and prioritize small-scale infrastructure projects that address specific community needs. This has led to the more effective use of local budgets and a more rapid implementation of projects.

The LISP started in the region of Stavropol krai 14 years ago. Today, LISP is a national program, covering about one-third of Russia’s 80-plus regions. More than 12,000 participatory projects have been implemented, benefiting over 7. On average, 20 percent of all projects has been co-financed from regional business and local community resources. Russia well to absorb external shocks.