The Long Journey to Recovery. Russia Economic Report April 2016 Edition No. 35
|
|
- Della Montgomery
- 5 years ago
- Views:
Transcription
1 The Long Journey to Recovery Russia Economic Report April 216 Edition No. 35
2 1 2 3 The anticipated recovery was delayed and the economy adjusted through a sharp income drop. The government s policy response has thus far facilitated economic adjustment. Opportunities arose to improve the competitiveness of the non-resource sector. 4 The Long Journey to Recovery Outlook risks are tilted to the downside and adjustment challenges are shifting. The adjustment to the severe global oil-price shock and the economic sanctions caused an estimated 1 percent drop in gross domestic income, which sapped consumer demand and discouraged investment. A second oil-price shock in August 215 delayed the anticipated economic recovery and real GDP contracted by an estimated 3.7 percent in 215. External balances adjusted smoothly, helped by the central bank s adherence to the free float. Due to the flexible exchange rate, the fiscal impact of the adjustment was less severe for Russia than it was for other oil exporters, though a fiscal consolidation plan remained necessary. Leveraging emerging opportunities to develop a broader and more sophisticated product and export mix will require a substantial increase in private investment. The current perhaps temporary price advantage generated by the depreciation may be not be sufficient to attract investors unless it is accompanied by sustained improvements in Russia s investment climate. The World Bank s current baseline scenario anticipates a further contraction of 1.9 percent in 216 with poverty increasing to 14.3 percent before growth is expected to resume at 1.1 percent in 217. The economy faces an uncertain global recovery, and the focus of its adjustment challenges is shifting to fiscal and financial sector restructuring.
3 Recent Economic Developments: Russia searched for a way out of the recession GDP Growth, y-o-y and q-o-q sa, Percent (.6) (.7) (1.2) (1.3) (.6) (.7) -5 GDP growth, y-o-y GDP growth, q-o-q, sa
4 Q1 28 Q2 28 Q3 28 Q4 28 Q1 29 Q2 29 Q3 29 Q4 29 Q1 21 Q2 21 Q3 21 Q4 21 Q1 211 Q2 211 Q3 211 Q4 211 Q1 212 Q2 212 Q3 212 Q4 212 Q1 213 Q2 213 Q3 213 Q4 213 Q1 214 Q2 214 Q3 214 Q4 214 Q1 215 Q2 215 Q3 215 Q4 215 A sharp drop in gross domestic income weakened consumer demand and investment Demand Composition of GDP Growth, y-o-y, Percent -25 Consumption Gross Fixed Capital Formation Change in inventories Export Import Stat error GDP growth
5 Policies were supportive: the free float allowed Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 external balances to adjust smoothly The Real Effective Exchange Rate, the Oil Price (Brent) and Imports, December 213= Import of goods, Dec 13 = 1, SA Brent price, Dec 13 = 1 REER, Dec 13 = 1
6 and helped Russia to protect precious foreign exchange and fiscal reserves... Exchange-Rate Dynamics in Russia, Kazakhstan and Azerbaijan, (214 = 1) USD/RUB USD/AZN USD/KZT
7 while creating opportunities for Russia s tradeable sector Growth in Tradables, y-o-y, Percent Investment Growth by Sector, 215, y-o-y, Percent Agriculture Mineral extraction Manufacturing
8 yet leveraging emerging opportunities for the non-resource sector appears to be difficult Composition of Nonfuel Exports, 214 Nonfuel Exports by Destination, 214 Machinery & Transportation 15% Miscellaneous 12% Food & Agriculture 14% Minerals (excl. mineral fuels) 3% noncu-cis 11% Rest of Europe, incl. Turkey 9% Belarus 6% China 7% Chemicals 19% Rest of Asia 11% EU28 3% Metals 29% Wood 8% ROW 6% NorthAmerica 4% MENA 7% Kazakhstan 9%
9 and will require an increase in investment and improvements in business conditions. Destination of Nonfuel Exports by Type, 214 Miscellaneous Machinery & Transportation Metals Wood Chemicals Minerals (excl. mineral fuels) Food & Agriculture Belarus China EU28 Kazakhstan MENA NorthAmerica ROW Rest of Asia Rest of Europe noncu-cis % 2% 4% 6% 8% 1%
10 Growth and Poverty Outlook: An uncertain path ahead Real GDP Growth Projection, y-o-y, Percent Lower-bound scenario Upper-bound scenario Baseline scenario Early sanctions lift scenario
11 An alternative baseline reflects the upside potential of an earlier end to sanctions Growth Composition With and Without Economic Sanctions in Consumption Investment Net exports GDP growth Consumption Investment Net exports GDP growth
12 The recession is reversing achievements in poverty reduction Poverty Rate Projections, Percent Poverty rate, % Baseline scenario Lower bound scenario Upper-bound scenario Early sanctions lift scenario Gini (rhs)
13 Risk are tilted to the downside and adjustment challenges are shifting Policy space for fiscal adjustment has narrowed as fiscal buffers declined, requiring a strategic expenditure restructuring and less reliance on oil revenues. Financial sector stability will be essential to the recovery of private investment, yet financial stability in the near term will be tested by a number of factors. Economy-wide investment constraints include administrative barriers, high transportation and logistics costs, and unequal access to factors of production and markets.
14 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Policy uncertainty is the biggest obstacle to investment and consumption decisions Business Confidence Surveys in Key Constraints to Manufacturing, Manufacturing Rosstat Business Survey, Percent Weak domestic demand High tax level High policy uncertainty High interest rates Lack of financial resources Rosstat Business Confidence (LHS) PMI (RHS) Jan-Mar, 216 Jan-Mar, 215
15 Thank you! For more information about the World Bank and its activities in the Russian Federation, please visit: If you would like to be access our Russia Economic Reports, please visit: For questions and comments relating to this publication, please contact
16 EXTRA SLIDES
17 Baseline Scenario Projections Main economic indicators Oil price (US$ per barrel, WB average) GDP growth, percent Consumption growth, percent Gross capital formation growth, percent General government balance, percent of GDP Current account (US$ billions) Current account, percent of GDP Capital and financial account (US$ billions) Capital and financial account, percent of GDP CPI inflation (average)
18 Lower-bound Oil Price Scenario Main economic indicators Oil price (US$ per barrel, WB average) GDP growth, percent Consumption growth, percent Gross capital formation growth, percent General government balance, percent of GDP Current account (US$ billions) Current account, percent of GDP Capital and financial account (US$ billions) Capital and financial account, percent of GDP CPI inflation (average)
19 Upper-bound Oil Price Scenario Main economic indicators Oil price (US$ per barrel, WB average) GDP growth, percent Consumption growth, percent Gross capital formation growth, percent General government balance, percent of GDP Current account (US$ billions) Current account, percent of GDP Capital and financial account (US$ billions) Capital and financial account, percent of GDP CPI inflation (average)
20 Central Bank addressed successfully Russia s CPI inflation Components, y-o-y, Percent a difficult policy tradeoff Key Policy Rates, Percent Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Core inflation CPI inflation Food inflation Non-food inflation Services inflation Sep-213 Mar-213 Apr-214 Jul-214 Nov-214 Dec-214 Feb-215 Mar-215 May-215 Jun-215 Aug-215 Sep-215 Dec-215 Jan-215 Mar
21 A fiscal consolidation plan was announced which focuses on expenditure reduction Federal Budget Revenues and Budget Balances, Percent of GDP Federal Primary Budget Expenditures, Percent of GDP * 215* Non-oil revenues, percent of GDP Oil revenues, percent of GDP Non-oil balance, percent of GDP (RHS) Total balance, percent of GDP (RHS) -15 Note: *Due to methodological changes in nominal GDP, figures for 214 and 215 are not comparable with those shaded for 213 and earlier Social policy (inc. transfers to Pension Fund) National economy 214* 215* National defense National security State administration Intergovernmental transfers Education Health & sports Other Federal budget primary expenditures
22 21Q1 21Q2 21Q3 21Q4 211Q1 211Q2 211Q3 211Q4 212Q1 212Q2 212Q3 212Q4 213Q1 213Q2 213Q3 213Q4 214Q1 214Q2 214Q3 214Q4 215Q1 215Q2 215Q3 215Q4 Global oil prices and all commodity-price indices are expected to decline in 216 Global Crude Oil Supply Growth, mb/d Global Demand Growth, mb/d Thousand mb/d Iran Libya Syria Yemen United States Net Changes mb/d, 4 growth year over year 2 OECD China Other Non-OECD
The Dawn of a New Economic Era? Russia Economic Report April 2015 Edition No. 33
The Dawn of a New Economic Era? Russia Economic Report April 2015 Edition No. 33 Main messages 1 Russia s economy experienced two shocks in 2014, but avoided a recession A steep drop in oil prices, geopolitical
More informationRegional Economic Outlook
Regional Economic Outlook Caucasus and Central Asia Azim Sadikov International Monetary Fund Resident Representative November 6, 2013 Outline Global Outlook CCA: Recent Developments, Outlook, and Risks
More informationRussia: Macro Outlook for 2019
October 2018 Russia: Macro Outlook for 2019 Natalia Orlova Head of Alfa Bank Macro Insights +7 495 795 36 77 norlova@alfabank.ru Egypt Saudi Arabia Brazil S. Africa UAE Iraq China Japan US Mexico UK Russia
More informationRUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY. RUSSIA S ECONOMIC OUTLOOK AND MONETARY POLICY December 2018
4% RUSSIA S ECONOMIC OUTLOOK AND December 1 2 Consumer prices (1) At the end of 1, inflation is expected to be close to 4%, which corresponds to the Bank of Russia s target 2 Inflation indicators, % YoY
More informationRevised October 17, 2016
Revised October 17, 2016 60 ISM Manufacturing Purchasing Managers Index (September 2015 September 2016) 58 56 54 52 50 48 46 44 42 Sept-15 Oct Nov Dec Jan-16 Feb Mar Apr May Jun Jul Aug Sept Purchasing
More informationMONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER Governor s Presentation to the Media. 16 th November, 2016
1 MONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER 2016 Governor s Presentation to the Media 16 th November, 2016 INTRODUCTION 2 This presentation is structured as follows: 1. Decision of the Monetary
More informationSnapshot of SA Economy
Snapshot of SA Economy Kgotso Radira 1 September 29 Economic Outlook Global share indices 2 Indices 18 16 14 12 1 8 6 4 25 26 27 28 29 S&P 5 FTSE 1 DAX Nikkei 3 Global interest rates 7 % 6 5 4 3 2 1 1999
More informationRegional Economic Outlook. May 2015
Regional Economic Outlook Caucasus and Central Asia May 215 Outline Global Environment CCA Outlook, Risks, and Policies 2 Global growth remains moderate and uneven World U.S. Euro Area Emerging markets
More informationFinally, A Global Tailwind for U.S. Manufacturing Growth
Finally, A Global Tailwind for U.S. Manufacturing Growth MAPI Foundation Webinar December 12, 217 Cliff Waldman Chief Economist cwaldman@mapi.net Key Takeaways The global economic recovery is both strengthening
More informationMiddle East and North Africa Regional Economic Outlook
Regional Economic Outlook Morocco Algeria Tunisia Libya Lebanon Egypt Syria Iraq Iran Jordan Saudi Kuwait Arabia Bahrain Afghanistan Pakistan Mauritania Sudan Djibouti Qatar Yemen Oman United Arab Emirates
More informationSEPTEMBER Overview
Overview SEPTEMBER 214 Global growth. Global growth has been weaker than expected so far this year, as economic activity disappointed in a number of major countries in the first six months (Figure 1).
More informationOtaviano Canuto Vice President & Head of Network Poverty Reduction and Economic Management The World Bank
Otaviano Canuto Vice President & Head of Network Poverty Reduction and Economic Management The World Bank The 11th International Academic Conference on Economic and Social Development April 6-8, 2010 Moscow
More informationEUROZONE ECONOMIC WATCH JANUARY 2017
EUROZONE ECONOMIC WATCH JANUARY 2017 Key messages: some changes for the better Improving confidence in across the board shows the resilience of the eurozone to the various potentially disturbing political
More informationEurozone Economic Watch. March 2018
Eurozone Economic Watch March 20 Eurozone Economic Watch March 20 Eurozone: The moderation of confidence continues We expect GDP growth to remain steady early this year supported mostly by strong global
More informationInflation projection of Narodowy Bank Polski based on the NECMOD model
Economic Institute Inflation projection of Narodowy Bank Polski based on the NECMOD model Warsaw / 9 March Inflation projection of the NBP based on the NECMOD model Outline: Introduction Changes between
More informationGlobal Economic Prospects: Navigating strong currents
Global Economic Prospects: Navigating strong currents Andrew Burns World Bank January 18, 2011 http://www.worldbank.org/globaloutlook Main messages Most developing countries have passed with flying colors
More informationRUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY. RUSSIA S ECONOMIC OUTLOOK AND MONETARY POLICY February 2019
% RUSSIA S ECONOMIC OUTLOOK AND February 19 Consumer prices In January 19, annual inflation held at the lower bound of the Bank of Russia expectations (.% YoY). Faster growth of food prices to.% (vs.7%
More informationPURSUING SHARED PROSPERITY IN AN ERA OF TURBULENCE AND HIGH COMMODITY PRICES
2012 Key messages Asia-Pacific growth to slow in 2012 amidst global turbulence: Spillovers of the euro zone turmoil Global oil price hikes Excess liquidity and volatile capital flows Key long-term challenge:
More informationNdiame Diop, Lead Economist & Economic Advisor World Bank Indonesia BKPM, December 16, 2013
Ndiame Diop, Lead Economist & Economic Advisor World Bank Indonesia BKPM, December 16, 2013 Overview of recent economic developments Framing the policy choices for the current account and growth in 2014
More informationRecent Economic Developments and Monetary Policy in Mexico
Recent Economic Developments and Monetary Policy in Mexico Javier Guzmán Calafell, Deputy Governor, Banco de México* United States-Mexico Chamber of Commerce, Northeast Chapter New York City, 2 June 2017
More informationCOMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET
COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION NOVEMBER 2018 RIYADH, SAUDI ARABIA NOVEMBER 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS
More informationLAO ECONOMIC MONITOR APRIL 2017
LAO ECONOMIC MONITOR APRIL 2017 May-June 2017 1. Recent Economic Developments and Outlook 2. Health Sector Financing in Lao PDR 1. Recent Economic Developments Contents 1. Key findings 2. Growth and inflation
More informationEurozone Economic Watch
BBVA Research - Global Economic Watch December 2018 / 1 Eurozone Economic Watch December 2018 Eurozone GDP growth still slows gradually, but high uncertainty could take its toll GDP growth could grow by
More informationEurozone Economic Watch Higher growth forecasts for January 2018
Eurozone Economic Watch Higher growth forecasts for 2018-19 January 2018 Eurozone Economic Watch January 2018 Eurozone: Higher growth forecasts for 2018-19 Our MICA-BBVA model estimates a broadly stable
More informationGlobal Economic Prospects and the Developing Countries William Shaw December 1999
Global Economic Prospects and the Developing Countries 2000 William Shaw December 1999 Prospects for Growth and Poverty Reduction in Developing Countries Recovery from financial crisis uneven International
More informationFrom Stability to Prosperity for All
From Stability to Prosperity for All March 2012 PQU Press Presentation Rogier van den Brink, Lead Economist Karl Kendrick Chua, Country Economist Poverty Reduction and Economic Management (PREM) Unit World
More informationО КЛЮЧЕВОЙ СТАВКЕ RUSSIAN ECONOMIC OUTLOOK AND CHALLENGES TO MONETARY POLICY. December Bank of Russia Presentation for Investors
О КЛЮЧЕВОЙ СТАВКЕ RUSSIAN ECONOMIC OUTLOOK AND CHALLENGES TO MONETARY POLICY Bank of Russia Presentation for Investors December 16 USD per barrel RUB / USD 2 Oil Eхporters Production-cut Agreements Support
More informationWeekly Macroeconomic Review
20/12/2011 Weekly Macroeconomic Review Expectations derived from the capital market Our forecast Inflation in the coming months Future cumulative inflation next 12 CPIs (through November 2012 CPI) Inflation
More informationEurozone Economic Watch. February 2018
Eurozone Economic Watch February 2018 Eurozone: Strong growth continues in 1Q18, but confidence seems to peak GDP growth moderated slightly in, but there was an upward revision to previous quarters. Available
More informationEurozone Economic Watch. May 2018
Eurozone Economic Watch May 2018 BBVA Research - Eurozone Economic Watch / 2 Eurozone: more moderate growth with higher uncertainty The eurozone GDP growth slowed in more than expected. Beyond temporary
More informationEconomic Outlook: Global and India. Ajit Ranade IEEMA T & D Conclave December 12, 2014
Economic Outlook: Global and India Ajit Ranade IEEMA T & D Conclave December 12, 2014 Global scenario US expected to drive global growth in 2015 Difference from % YoY Growth October Actual October Projections
More informationHIGHLIGHTS from CHAPTER 1: GLOBAL OUTLOOK DARKENING SKIES
Key Points HIGHLIGHTS from CHAPTER 1: GLOBAL OUTLOOK DARKENING SKIES Global growth has moderated, and it is expected to slow from 3 percent in 18 to.9 percent in. International trade and manufacturing
More informationThe Long Journey to Recovery
Public Disclosure Authorized The World Bank in the Russian Federation 35 April 216 Public Disclosure Authorized The Long Journey to Recovery Public Disclosure Authorized Public Disclosure Authorized Russia
More informationChapter 1 International economy
Chapter International economy. Main points from the OECD's Economic Outlook A broad-based recovery has taken hold Asia, the US and the UK have taken the lead. Continental Europe will follow Investment
More informationGDP growth above trend, while inflation pressures remain muted
NZ Economy - Overview 1 GDP growth above trend, while inflation pressures remain muted Leading indicators suggest a near-term annual GDP growth rate around a robust 3.-3.% YoY level Current supportive
More informationINDONESIA ECONOMIC QUARTERLY MARCH 2013
INDONESIA ECONOMIC QUARTERLY MARCH 213 PRESSURES MOUNTING Jim Brumby, PREM Sector Manager & Lead Economist Paramadina Public Policy Institute, March 213 www.worldbank.org/id MARCH 213 IEQ LAUNCH PRESENTATION
More informationMONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER Governor s Presentation to the Media. 22 nd November, 2017
1 MONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER 2017 Governor s Presentation to the Media 22 nd November, 2017 INTRODUCTION 2 The presentation is structured as follows: 1. Decision of the Monetary
More informationMacroVoices Oil Discussion: OPEC Can t Fix The Problem of Low Oil Prices
MacroVoices Oil Discussion: OPEC Can t Fix The Problem of Low Oil Prices Art Berman November 30, 2016 Slide 1 Overview: OPEC Can t Fix The Problem of Low Oil Prices OPEC may reach some agreement today
More informationCOMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET
COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION SEPTEMBER 2018 RIYADH, SAUDI ARABIA SEPTEMBER 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS
More informationLatest economic developments in Greece and Challenges for the Trade Finance Market
Latest economic developments in Greece and Challenges for the Trade Finance Market Peter Sanfey Deputy Director, Country Economics and Policy, EBRD 15 September 216, Bank of Greece, Athens The Greek economy:
More informationThe Greek economy comes out of recession much more gradually than anticipated, while structural weaknesses inhibit growth.
ISSUE 23 15 May 2017 INDEX Main indicators 3 Economic climate 4 Employment, prices, wages 5 Industry, trade, services 6 Exports, tourism 7 European Commission s spring forecasts for Greece (European Commission,
More informationCOMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET
COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION AUGUST 2018 RIYADH, SAUDI ARABIA AUGUST 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationIndonesia Economic Quarterly June 2017 Upgraded. Hans Anand Beck Acting Lead Economist, Indonesia
Indonesia Economic Quarterly June 2017 Upgraded Hans Anand Beck Acting Lead Economist, Indonesia June 15, 2017 Key Takeaways S&P upgrade acknowledged strong economic fundamentals and management. S&P returned
More informationTHIS QUARTER IN ASIA ASEAN SHOWING RESILIENCE WHILE CHINA AND INDIA WEAKENING
Apr-9 Oct-9 Apr-1 Oct-1 Apr-9 Oct-9 Apr-1 Oct-1 THIS QUARTER IN ASIA Asian Business Cycle Indicators (ABCIs), Vol.8 April June 212 Source: OECD Development Centre ASEAN SHOWING RESILIENCE WHILE CHINA AND
More informationSACU INFLATION REPORT. February 2016
SACU INFLATION REPORT February 2016 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
More informationMiddle East and North Africa Regional Economic Outlook. November 12, 2013
Middle East and North Africa Regional Economic Outlook November 12, 213 Outline Global Outlook MENAP: Recent Developments, Outlook, and Risks Oil Exporters Oil Importers Key Takeaways 2 Global Outlook
More informationMyanmar Economic Monitor May 2018 Growth Amidst Uncertainty. Hans Anand Beck Lead Economist, Myanmar
Myanmar Economic Monitor May 2018 Growth Amidst Uncertainty Hans Anand Beck Lead Economist, Myanmar May 17, 2018 Key Takeaways The economy performed better in 2017/18 amidst uncertainty. A stronger-than-expected
More informationTurkey Economic Outlook
Turkey Economic Outlook November 2018 Creating Opportunities Challenging times ahead needing policy determination 01 Turkish financial assets stabilize after reaching lows in summer A firmer policy response
More informationState of the Turkish Economy. Emre Deliveli TOBB ETU, October
State of the Turkish Economy Emre Deliveli TOBB ETU, October 11 2005 State of the Turkish Economy Slide 2 Agenda Overview of the Turkish economy Risks and priorities New anchor: EU What are the policy
More informationNIESR Monthly GDP Tracker 10 December, NIESR MONTHLY GDP TRACKER: December Latest data confirm slowdown in UK economic growth.
Press Release NIESR MONTHLY GDP TRACKER: December 2018 Latest data confirm slowdown in UK economic growth Figure 1: UK GDP growth (3 months on previous 3 months, per cent) 0.8 0.7 0.6 0.4 0.3 0.2 0.1 0
More informationEurozone Economic Watch. July 2018
Eurozone Economic Watch July 2018 Eurozone: A shift to more moderate growth with increased downward risks BBVA Research - Eurozone Economic Watch July 2018 / 2 Hard data improved in May but failed to recover
More informationRUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY. Bank of Russia.
RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY Bank of Russia September 218 2 Annual inflation is returning to 4% faster than expected. Acceleration of food prices drove CPI to +3.1% YoY in August Contributions
More informationUkraine s exports in the first half of 2015
Policy Briefing Series [PB/13/2015] Ukraine s exports in the first half of 2015 Veronika Movchan, Vitaliy Kravchuk, Mykola Ryzhenkov, Ricardo Giucci German Advisory Group in cooperation with the IER Kyiv
More informationNATIONAL BANK OF ROMANIA
1 The annual inflation rate dropped below the mid-point of the ±1pp variation band around the 3% target set by the NBR for 212 12 annual percentage change 1 8 Target 2 5. 2 Target 27. Target 28 3.8 Target
More informationKey developments and outlook
1/17 Key developments and outlook Economic growths in 2016 and 2017 remain close to the previous assessment. Better-than-expected merchandise exports and private consumption compensate for weaker-than-expected
More informationPresentation to Chief Executive Officers of Commercial and Microfinance Banks Dr. Patrick Njoroge Governor, Central Bank of Kenya
Presentation to Chief Executive Officers of Commercial and Microfinance Banks Dr. Patrick Njoroge Governor, Central Bank of Kenya August 6, 2015 Outline 1. The Information basis for the MPC meeting 2.
More informationRussian Federation. Recent Economic Developments and Challenges. October 2015 IMF MOSCOW OFFICE
Russian Federation Recent Economic Developments and Challenges IMF MOSCOW OFFICE October 215 1 Outline Shocks affecting Russia s economy Policy Reaction: Monetary and Fiscal Policy Responses Current economic
More informationGlobal Economic Prospects
Global Economic Prospects Assuring growth over the medium term Andrew Burns DEC Prospects Group January 213 1 Despite better financial conditions, stronger growth remains elusive More than 4 years after
More informationEurozone Economic Watch
BBVA Research Eurozone Economic Watch November 2018 / 1 Eurozone Economic Watch November 2018 Eurozone: Growth to recover in 4Q18, but concerns about the slowdown next year are growing Eurozone GDP growth
More informationJapanese Stock Market Outlook. SMAM monthly comments & views - November
Japanese Stock Market Outlook SMAM monthly comments & views - November 05 - Executive summary Japanese Economy Japanese economy is likely to stay under pressure from sluggish external demand for a while.
More informationA View from the Fed: Slouching toward 2016
A View from the Fed: Slouching toward 2016 28 th Annual Economic Outlook Conference, University of Alabama Culverhouse College of Commerce Montgomery, AL January 14, 2016 The views expressed are those
More informationCOMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET
COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION JUNE 2018 RIYADH, SAUDI ARABIA JUNE 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS ON
More informationLatin America: the shadow of China
Latin America: the shadow of China Juan Ruiz BBVA Research Chief Economist for South America Latin America Outlook Second Quarter Madrid, 13 May Latin America Outlook / May Key messages 1 2 3 4 5 The global
More informationECONOMIC MONITOR GEORGIA Issue 8 [updated] June 2018
ECONOMIC MONITOR GEORGIA Issue 8 [updated] June 218 Overview High economic growth of 5.% in 217 and 5.5% in Jan-Apr 218 Demand side: balanced growth based on consumption, investment and net exports Positive
More informationEurozone. Economic Watch FEBRUARY 2017
Eurozone Economic Watch FEBRUARY 2017 EUROZONE WATCH FEBRUARY 2017 Eurozone: A slight upward revision to our GDP growth projections The recovery proceeded at a steady and solid pace in, resulting in an
More informationEurozone Economic Watch. November 2017
Eurozone Economic Watch November 2017 Eurozone: improved outlook, still subdued inflation Our MICA-BBVA model for growth estimates for the moment a quarterly GDP figure of around -0.7% in, after % QoQ
More informationInflation Report. July September 2012
July September 1 November 7, 1 1 Outline 1 External Conditions Economic Activity in Mexico 3 Monetary Policy and Inflation Determinants Forecasts and Balance of Risks External Conditions The growth rate
More informationDevelopment of Economy and Financial Markets of Kazakhstan
Development of Economy and Financial Markets of Kazakhstan National Bank of Kazakhstan Macroeconomic development GDP, real growth, % 116 112 18 14 1 113,5 11,7 216,7223,8226,5 19,8 19,8 19,3 19,619,7 199,
More informationIndonesia Economic Quarterly: December 2012 Policies in focus
Indonesia Economic Quarterly: December 212 Policies in focus Ndiame Diop Lead Economist & Economic Advisor, Indonesia World Bank December 18, 212 World Bank and The Habibie Center Joint Launch Event Intercontinental
More informationMonthly Update of the ASEAN+3 Regional Economic Outlook (AREO)
Monthly Update of the ASEAN+3 Regional Economic Outlook (AREO) Special Edition ASEAN+3 Macroeconomic Research Office (AMRO) Singapore January 2018 This Monthly Update of the AREO was prepared by the Regional
More informationU.S. Steel Market Outlook. Amy Ebben ArcelorMittal USA November 30, 2018
U.S. Steel Market Outlook Amy Ebben ArcelorMittal USA November 30, 2018 Agenda ArcelorMittal introduction U.S. steel industry performance and trade Global steel industry Review of steel markets 1 About
More informationShort-term indicators and Updated Forecasts. Eurozone NOVEMBER 2016
Short-term indicators and Updated Forecasts Eurozone NOVEMBER 2016 EUROZONE WATCH NOVEMBER 2016 Key messages: resilience and unchanged projections The moderate pace of economic growth continued in the
More informationInflation in IRAN Overview & Forecast
Research, Planning and Budgeting Division Economic Research Unit Feb. 2016 Inflation in IRAN Overview & Forecast Q4-2015 No4 Research, Planning and Budgeting Division Economic Research Unit Feb. 2016 All
More informationMexico: Dealing with international financial uncertainty. Manuel Sánchez
Manuel Sánchez United States Mexico Chamber of Commerce, Chicago, IL, August 6, 2015 Contents 1 Moderate economic growth 2 Waiting for the liftoff 3 Taming inflation 2 Since 2014, Mexico s economic recovery
More informationPresentation. Global Financial Crisis and the Asia-Pacific Economies: Lessons Learnt and Challenges Introduction of the Issues
High-level Regional Policy Dialogue on "Asia-Pacific economies after the global financial crisis: Lessons learnt, challenges for building resilience, and issues for global reform" 6-8 September 211, Manila,
More informationIndonesia Economic Quarterly Launch Jakarta, March 18, Jim Brumby Sector Manager and Lead Economist
Indonesia Economic Quarterly Launch Jakarta, March 18, 214 Jim Brumby Sector Manager and Lead Economist MARCH 214 IEQ: INVESTMENT IN FLUX Fixed investment: subdued, and risks Risks to fiscal space needed
More informationMONETARY POLICY COMMITTEE STATEMENT FOR FIRST QUARTER Governor s Presentation to the Media. 16 th May, 2018
1 MONETARY POLICY COMMITTEE STATEMENT FOR FIRST QUARTER 2018 Governor s Presentation to the Media 16 th May, 2018 INTRODUCTION 2 The presentation is structured as follows: 1. Decision of the Monetary Policy
More informationPoland s Economic Prospects
Poland s Economic Prospects Unicredit Conference Warsaw, June 8, 11 Mark Allen Senior IMF Resident Representative for Central and Eastern Europe Recovery is driven by domestic demand Contributions to Real
More informationAnti-crisis State Policy in Russia
1 Anti-crisis State Policy in Russia Vera Kononova Institute for Complex Strategic Studies 1 December 2016 Seminar Outline 1. Anti-crisis Policy Goals The main goals and targets adopted by the Government
More informationconsidered by the MPC 2. Key developments to monitor for monetary policy going forward considered by the MPC 2. Key developments to monitor for
1. Economic and inflation outlook considered by the MPC. Key developments to monitor for monetary policy going forward 1 1. Economic and inflation outlook considered by the MPC. Key developments to monitor
More informationReviewing Macro-economic Developments and Understanding Macro-Economic Policy
MINISTRY OF FINANCE GOVERNMENT OF INDIA Reviewing Macro-economic Developments and Understanding Macro-Economic Policy Module 5 Contemporary Themes in India s Economic Development and the Economic Survey
More informationCaucasus and Central Asia Regional Economic Outlook
Juha Kähkönen International Monetary Fund November 212 Overview Global outlook (CCA) outlook and risks CCA macroeconomic policies CCA structural challenges 2 The global recovery has weakened 6 Global Manufacturing
More informationMeasuring Unemployment Some Key Terms
Measuring Unemployment Some Key Terms Claimant Count (JSA) Labour Force Survey (LFS) The number of people officially claiming unemployment- related benefits must be actively seeking work All those actively
More informationMULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2
10 2 3 6 8 9 13 14 MULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2 Alpha Current Previous Alpha Current Previous Alpha Current Previous weight weight weight weight weight
More informationGlobal Outlook. October 22, M. Marc Stocker DEC-Development Prospects Group
Global Outlook October 22, 214 M. Marc Stocker DEC-Development Prospects Group mstocker1@worldbank.org 1 About Growth Forecasts Public release of growth forecasts in the Global Economic Prospects in June
More informationBalancing Economic Adjustment and Transformation
Public Disclosure Authorized The World Bank in the Russian Federation 34 September 215 Public Disclosure Authorized Balancing Economic Adjustment and Transformation Public Disclosure Authorized Public
More informationThe Outlook and Current Policy Challenges
The Outlook and Current Policy Challenges NAHEFFA Spring Conference May 7, 18 Jeff Fuhrer EVP and Senior Policy Advisor Federal Reserve Bank of Boston 1 Disclaimer: The views represented in this presentation
More informationMexico s Macroeconomic Outlook and Monetary Policy
Mexico s Macroeconomic Outlook and Monetary Policy Javier Guzmán Calafell, Deputy Governor, Banco de México* XP Securities Washington, DC, 13 October 2017 */ The opinions and views expressed in this document
More informationBBVA Research U.S. Economic Outlook March 2019 / 1. U.S. Economic Outlook March 2019
BBVA Research U.S. Economic Outlook March 2019 / 1 U.S. Economic Outlook March 2019 Economic Outlook GDP growth to slow to 2.5% in 2019, and 2.0% in 2020 Model based recession probability reaching troubling
More informationNIESR Monthly GDP Tracker 11 February, NIESR MONTHLY GDP TRACKER: February UK economy weaker than expected in December
Press Release NIESR MONTHLY GDP TRACKER: February 2019 UK economy weaker than expected in December Figure 1: UK GDP growth (3 months on previous 3 months, per cent) 0.8 0.7 0.6 0.4 0.3 0.2 0.1 0-0.1 2018
More informationRUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES. Bank of Russia.
RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES Bank of Russia July 218 < -1% -1-9% -9-8% -8-7% -7-6% -6-5% -5-4% -4-3% -3-2% -2-1% -1 % 1% 1 2% 2 3% 3 4% 4 5% 5 6% 6 7% 7 8% 8 9% 9 1% 1 11% 11
More informationGCC/ MENA macro outlook. Khatija Haque, Head of MENA Research March 2018
GCC/ MENA macro outlook Khatija Haque, Head of MENA Research March 18 1 % y/y GCC: Is the worst behind us? Average GCC GDP growth 1 and 17 have been challenging on a number of fronts for the GCC. Lower
More informationSAMPLE. INSIGHT & PERSPECTIVE Eye on Commodities. Supply Constraints / Geopolitics Lead the Complex
The long downtrend in the commodity market has reversed as prices have bounced off of a major technical price support level. Investors may want to take notice. INSIGHT & PERSPECTIVE Eye on Commodities
More informationChikahisa Sumi Director, Regional Office for Asia and the Pacific International Monetary Fund
Chikahisa Sumi Director, Regional Office for Asia and the Pacific International Monetary Fund (percent YOY) 8 6 Real GDP Growth ASSUMPTIONS A more gradual monetary policy normalization 4 2 21 211 212
More informationEmirates NBD Research UAE Sector Chart Pack
Emirates NBD Research UAE Sector Chart Pack Thanos Tsetsonis athanasiost@emiratesnbd.com May 218 1 mn b/d USD / b UAE: Downside risks to 218 growth forecast due to lower oil production estimates Highlights
More informationChina Sourcing Update
China Sourcing Update February 18, 2019 Major Price Indicators 1. CPI growth decelerates in January The year-on-year growth rate of China s consumer price index (CPI) 1 decelerated to 1.7% in January from
More informationHKU announces 2015 Q3 HK Macroeconomic Forecast
Press Release HKU announces 2015 Q3 HK Macroeconomic Forecast July 7, 2015 1 Overview The APEC Studies Programme of the Hong Kong Institute of Economics and Business Strategy at the University of Hong
More information1Q of FY ending December 31, (0.2) (1.9) 11.3 (0.2) (0.2) (0.2) (0.2) (1.2) (89.2) 0.1
August 6, ISEKI & CO., LTD. Supplementary Information to Consolidated Financial Results (April 1, June 30, ) I. Consolidated business results for the three months ended June 30, (Billions of yen, %) Year-on
More informationSUMMARY OF MACROECONOMIC DEVELOPMENTS
SUMMARY OF MACROECONOMIC DEVELOPMENTS NOVEMBER 2018 2 Summary of macroeconomic developments, November 2018 Indicators of global economic activity suggest a continuation of solid growth in the final quarter
More information