- "The Russian economy is gradually picking up, after going through its deepest recession in 16 years. The oil windfall accumulated between 2003 and mid- 2008 has helped the country to avoid a macro-financial nightmare."
- "Today, recessionary pressures fade out thanks to the conjunction of several factors:
• An aggressive contra-cyclical policy based on a combination of fiscal and monetary measures. The first is reflected in higher social transfers and the introduction of a scrapping premium. The second by cuts in key interest rates, recapitalization of banks, the acceptance of
a larger variety of collateral in repo and the introduction of stronger guarantees on deposits.
• A reduction of tensions on banking liquidity, capital flight, the confidence crisis on the ruble, a rebound of order backlogs, of export prices and finally, indications of recovering banking credit."
- "Nevertheless, several dark spots still exist such as the symptoms of the Dutch disease, dissuasive oil taxes, demographic decline, fragile business climate and structurally high inflation."
Natixis Flash Economics 369 20100720
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