Russia is over the worst
GDP is picking up, partly thanks to higher oil prices. But reforms are needed to consolidate the gains
Russia's economy is recovering from recession, but is stuck in second gear because growth can't really take off without structural reforms and major investment. A recovery in oil prices has helped drag Russia out of a two-year downturn-its longest in two decades—while improvements have been detected in the real economy in agriculture, industry, cargo transportation and non-residential construction. But household income, spending habits and consumption remain under severe pressure. In late March, finance minister Anton Siluanov upgraded the country's growth outlook for 2017 to 1.5-2% from 0.6%. "On the whole, we agree that the economy will be growing faster than initially expected," he said.
Also in this section
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
