Country wrap-up : Russia

Following the 2015-2016 economic recession, the Russian economy has been on a recover y path with GDP growth averaging 1.4% in the past three years . Up from 0.3% in 2016, 1.6% in 2017, GDP growth was of 2.3% in 2018. High oil prices have helped in creating a buffer, that beside a prudent fiscal framework, high international reserves level, a strong external position and positive evidence on institutional framework enhancement, have helped in improving economic prospects. That said, resulting from longstanding international sanctions, the overall picture for Russian economic activity remains bleak. Highly dependent on energy and agricultural commodities prices, domestic consumption and investments levels remain subdued. Amidst the austere current global economic environment, 2019 Russian GDP growth prospects have been downgraded.