01845cas a2200241 a 4500 AALejournalIMF016954 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498362245 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. European Dept. Russian Federation : Staff Report for the 2016 Article IV Consultation-Press Release; and Staff Report. Washington, D.C. : International Monetary Fund, 2016. 1 online resource (63 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This 2016 Article IV Consultation highlights that the Russian economy contracted by 3.7 percent in 2015 owing to falling oil prices and the quasi closure of international financial markets to Russian entities. The economic contraction is nonetheless shallower than previous recessions as a stronger external position and the authorities' economic package cushioned the shocks, helped restore confidence and stabilized the financial system. Lower oil prices and needed fiscal adjustment will keep the economy in recession in 2016 with an expected decline in real GDP of 1.2 percent. Growth is expected to resume in 2017 and reach 1 percent, as domestic demand slowly recovers on the back of easing financial conditions and pent up demand. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2016/229 Full text available on IMF http://elibrary.imf.org/view/journals/002/2016/229/002.2016.issue-229-en.xml IMF e-Library