Global growth and trade started tostrengthen at the end of 2016. Russia’s economy showed signsof overcoming the recession caused by the shocks of low oilprices and economic sanctions. Tradable sectors benefittedfrom the relative price adjustment and stabilizing commodityprices in the second half of 2016 and became the maindrivers of economic growth, partly through increasedexports. This report highlights the varying implications ofthe oil price shock on oil exporters, and how Russia hasadapted well compared to others. SME is a priority sectorfor the Russian government that was hit the hardest by therecession as SME loans experienced the sharpest declinecompared to other market segments. These, and other relateddisparities, are discussed in detail in the report. Part 3of the report discusses in detail, Russian regions haveweathered the slowdown in the economy fairly well in therecent past – showcasing low deficits and broadly moderatedebt levels. The report elaborates, being among the topthree oil exporters in the world, the Russian oil sector hasdemonstrated resilience, increasing production and exportsdespite headwinds, thanks to increased production by small-and medium size producers. Finally the report discussesvarious methods and measures of total factor productivity(TFP) growth in Russia, all which yield the same conclusionas summarized.
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