Russian Federation

This 2003 Article IV Consultation highlights that the macroeconomic developments in the Russian Federation remained generally strong, with a third consecutive year of considerable GDP growth, fiscal surplus, and large current account surplus. The economy continues to benefit from the earlier reforms and the post-crisis real depreciation of the ruble, as well as strong world energy prices. For a second consecutive year, Russian financial markets were among the best performing in the world, and rating agencies provided a series of upgrades in 2002.Article IV consultation reports;inflation, external debt, current account, monetary policy, balance of payments, foreign exchange, central bank, gdp deflator, inflation targeting, debt service, public sector debt, foreign currency, terms of trade, public debt, real interest rate, short-term debt, nominal interest rate, total external debt, repurchases, real wages, debt sustainability, debt stock, debt dynamics, inflationary expectations, dollar value, repayments, current account surplus, current account deficit, macroeconomic performance, real exchange rates, inflation target, public external debt, reduction in inflation, foreign currency debt, current account balance, domestic currency, external debt sustainability, debt service payments, external borrowing, inflation forecasts, domestic financing, capital account liberalization, inflation rate, inflation targeting framework, terms of trade shocks, external debt service, currency debt, low inflation, general resources account, external debt data, inflation objective, amortization payments, private external debt, debt creating inflows, budget balance, domestic debt, public sector management, external financing, debt ratio, external debt stock, external shocks, inflation data, high inflation, inflation process, debt monitoring, rising inflation, debt management, double digit inflation, terms of trade shock, debt structure, money growth, debt data, long-term debt, moderate inflation, inflationary pressures