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BOFIT Weekly Yearbook 2008

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BOFIT Weekly Yearbook 2008 BOFIT BOFIT Weekly Yearbook 2008 Bank of Finland, BOFIT Institute for Economies in Transition BOFIT Weekly Editor-in-Chief Seija Lainela Bank of Finland BOFIT – Institute for Economies in Transition PO Box 160 FIN-00101 Helsinki Phone: +358 10 831 2268 Fax: +358 10 831 2294 Email: [email protected] Website: www.bof.fi/bofit Helsinki 2009 The opinions expressed in this paper are those of the authors and do not necessarily reflect the views of the Bank of Finland. BOFIT Weekly – Russia 2008 4.1.2008 BOFIT Weekly 1/2008 Russia, Turkmenistan and Kazakhstan agree on construction of a new pipeline. Russia’s foreign debt stock climbing rapidly, even as overall levels of indebtedness remain low. Russian stock markets showed modest gains in 2007. 11.1.2008 BOFIT Weekly 2/2008 Russian inflation climbed to 11.9 % in 2007. Wages continue to rise rapidly. Income disparity in Russia has increased only slightly over the last seven years. 18.1.2008 BOFIT Weekly 3/2008 Rouble continues to strengthen. Current account surplus shrinks, while capital keeps pouring into Russia. Foreign currency reserves continue to grow rapidly. 25.1.2008 BOFIT Weekly 4/2008 Economic policy as presidential election approaches. Investment rules for stabilisation fund assets approved. Project to run gas pipeline under the Black Sea to Bulgaria moves ahead. 1.2.2008 BOFIT Weekly 5/2008 Consumption and investment up strongly in 2007. Russian car market expands rapidly. List of presidential candidates confirmed. 8.2.2008 BOFIT Weekly 6/2008 Consumption and investment lifted Russian economic growth in 2007. Inflation accelerated in January. Authorities to take measures to fight accelerating inflation. CBR raises interest rates and tightens reserve requirements. Increases in social benefits and public sector wages. 15.2.2008 BOFIT Weekly 7/2008 Latest BOFIT forecast sees modest slowing in Russia's economic growth in coming three years. Trade surplus shrank slightly last year. 2007 was an above-average year for Russian farmers 22.2.2008 BOFIT Weekly 8/2008 Russia’s WTO talks grind on; Ukraine gets go-ahead on WTO membership. Rapid banking sector growth continues. Share of population living in poverty continues to decrease. 29.2.2008 BOFIT Weekly 9/2008 Growth in housing prices and housing construction slowed last year. Cabinet tackles environmental issues. CIS states continued to enjoy high economic growth in 2007. 7.3.2008 BOFIT Weekly 10/2008 Dmitri Medvedev wins presidential election. Finnish trade with Russia kept growing in 2007. Huge Finnish investment in Russia’s electrical power sector. 14.3.2008 BOFIT Weekly 11/2008 Economic trends by federal district. Inflation continues to accelerate. 20.3.2008 BOFIT Weekly 12/2008 2007 federal budget in the black for the eighth year in a row. Public-sector economy posts overall surplus in 2007. Stabilisation fund split in two. Ukraine and Gazprom agree on gas deliveries. 28.3.2008 BOFIT Weekly 13/2008 Duma passes law limiting foreign investment in strategic enterprises. New measures to assure banking sector stability introduced. 4.4.2008 BOFIT Weekly 14/2008 Russian 2007 current account surplus declined, while capital and financial account surplus increased. No big changes in structure of fixed capital investment. Higher raw wood export tariffs now in effect. 11.4.2008 BOFIT Weekly 15/2008 Public debate on direction of government economic policies heats up. Inflation continues to accelerate, current account surplus keeps growing. 18.4.2008 BOFIT Weekly 16/2008 Russian cabinet approves national mineral exploration program. Tax changes in the works. Industry ministry unveils development plan for forest sector. 25.4.2008 BOFIT Weekly 17/2008 Brisk economic growth abides. Russia now one of Europe’s top retail markets. Getting regions involved in their own economic development. 30.4.2008 BOFIT Weekly 18/2008 Central bank raises rates again. Public offerings gain popularity in Russia. Foreign forest companies embark on joint projects with Russian counterparts. 9.5.2008 BOFIT Weekly 19/2008 Putin hands over the reins to Medvedev. Law on foreign investment in strategic industries gets final confirmation. Government decides to raise regulated prices. Oil price rise drives oil export duty to record levels. 16.5.2008 BOFIT Weekly 20/2008 Prime minister Vladimir Putin submits cabinet proposal. Putin rolls out economic policy. Growth in corporate borrowing remains strong. 23.5.2008 BOFIT Weekly 21/2008 New administrative structures take form. Rapid growth in foreign trade continues. Ukraine joins WTO; Russia’s negotiations continue. Salonen to head Sberbank’s international operations. 30.5.2008 BOFIT Weekly 22/2008 Central bank hikes reserve requirements further. First gathering of cabinet’s presidium group focuses on taxation policy and social issues. Russia launches major anti-corruption crackdown. 6.6.2008 BOFIT Weekly 23/2008 World Bank and IMF warn of economic overheating. Russia launches biggest investment program ever to develop transport infrastructure. Russia’s insurance sector evolves. 13.6.2008 BOFIT Weekly 24/2008 Inflation continued to accelerate in May; slowing expected towards year’s end. IMF sees inflation as main risk to Russian economic growth. CBR adjusts exchange rate policy. St. Petersburg International Economic Forum convenes for 12th time. 19.6.2008 BOFIT Weekly 25/2008 GDP growth remained strong in first quarter. CBR raises key rates for third time this year. Reinvested profits dominate FDI inflows to Russia. Gazprom expects gradual rise in its production levels. 27.6.2008 BOFIT Weekly 26/2008 Wages continue to rise rapidly. Wide variations in labour demand across regions. Russian population to shrink in coming years. 4.7.2008 BOFIT Weekly 27/2008 Government approves budgetary frame for 2009–2011. Winding down of Russian electricity monopoly RAO UES completed. Talks started on new EU-Russia agreement. 11.7.2008 BOFIT Weekly 28/2008 Inflation still high; rouble strengthens in real terms. Current account surplus balloons; financial account also in surplus. High volatility characterises first half for Russian stocks. 18.7.2008 BOFIT Weekly 29/2008 Makeup of commission on foreign investment in strategic sectors now defined. Management shakeups at state-owned companies. Structure of state conglomerate Rostekhnologi emerges. 25.7.2008 BOFIT Weekly 30/2008 Rapid first-half economic growth despite lower oil production volumes. Massive domestic demand undergirds growth. Duma wraps up spring session and heads for vacation. 1.8.2008 BOFIT Weekly 31/2008 Stock markets react to prime minister’s statements. International researchers examine impacts of climate change on Russia. 8.8.2008 BOFIT Weekly 32/2008 CBR raises reserve requirements and key reference rates for the fourth time this year. Sustained banking sector growth. President Medvedev approves national anti-corruption plan. 15.8.2008 BOFIT Weekly 33/2008 Russian economy not expected to suffer significant impacts from Russia-Georgia conflict. High oil prices boost foreign trade to record levels. New law restricts access to continental shelf drilling and production. 22.8.2008 BOFIT Weekly 34/2008 Federal economy remains in good shape. Duma approved the second supplemental budget this year. Even with new SME legislative support, running a small business in Russia remains challenging. 29.8.2008 BOFIT Weekly 35/2008 Government goes with plan for relatively modest growth in public spending in coming years. Cabinet approves CBR’s monetary policy proposal for 2009–2011. Foreign companies investing in strategic branches now required to submit detailed business plans. 5.9.2008 BOFIT Weekly 36/2008 Georgia conflict reflected on Russian financial markets. Russia reconsiders its WTO commitments. Georgia’s critical role as a channel for energy exporters. 12.9.2008 BOFIT Weekly 37/2008 BOFIT forecast sees strong economic growth to continue in Russia. Inflation remains high; monopoly pricing under investigation. Tightness in money market continues. 19.9.2008 BOFIT Weekly 38/2008 Government supports the finance sector. Russian stock market plunges as crude oil price tanks. Record grain harvest expected; state grain export company to be established. Finnish-Russian trade continued to expand rapidly in 1H08. 26.9.2008 BOFIT Weekly 39/2008 Financial markets calmer this week. Bank health varies. Further changes in taxation under consideration. Fairly rapid growth continues. 3.10.2008 BOFIT Weekly 40/2008 International uncertainty begins to hurt Russian economic growth. CBR currency reserves down slightly New government measures to support the finance sector. Finance ministry prepares principles on investment and use of assets in the National Welfare Fund. 10.10.2008 BOFIT Weekly 41/2008 Share price swings on Moscow stock exchanges give new meaning to the term “volatility.” Government announces further measures to support Russian finance sector. Russia lending $4 billion to Iceland? High inflation continued in September. Hefty current account surplus persists, capital account in balance. Cabinet comes together on reform of pension system financing. 17.10.2008 BOFIT Weekly 42/2008 Rouble’s exchange rate stays relatively stable. Duma quickly approves measures to stabilise financial markets. First foreign investments in strategic industries approved. Low voter turnout for regional and local elections. 24.10.2008 BOFIT Weekly 43/2008 Rouble exchange rate weakens suddenly at bureaux de change. Russian credit risk rising. State development bank VEB and Deposit Insurance Agency support banks. September data reveal no evidence of slowing economic growth. 31.10.2008 BOFIT Weekly 44/2008 Seesaw trend continues on Russia’s financial markets. Russia’s foreign debt relatively small by international standards. Distribution of financial sector support commences. 7.11.2008 BOFIT Weekly 45/2008 First decisions reached on distribution of refinancing loans. Cabinet prepares to support real sector of the economy. Further reduction in oil export duty. Investment of oil tax revenues transferred to special state agency. President Medvedev delivers his first major policy speech. 14.11.2008 BOFIT Weekly 46/2008 Rouble’s fluctuation band widened, interest rates increased.
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