The one-two punch of low oil prices and international economic sanctions over the Kremlin’s actions in Ukraine helped to knock Russia into economic recession in 2015. The brunt of these blows fell heavily on the Russian public as they watched the value of the ruble collapse to historic lows. Despite this and with tensions continuously flaring between Moscow and its neighbors to the West, Russia has been able to maintain strong spending in some sectors, defense in particular, throughout the crisis. Although economic sanctions are still holding fast and oil prices are still at half of what they were before the sharp decline began in mid-2014, will we see the Russian economy recover and fight back to positive growth in 2017?
Join YPFP and our panel of experts as we take a look at the causes and consequences of the Russian financial crisis, how Russia has been able to cope and what we can expect from its economy in the year ahead.
Edward Hunter Christie is Defense Economist at the North Atlantic Treaty Organization (NATO) in Brussels. In this capacity he is responsible for the production of assessments and briefings on defence economic topics, and on the relationship between economic developments and international security, for both the Office of the Secretary General and for Allied Delegations. His work is mainly focused on developments in NATO’s periphery, including Russia and Ukraine. Before joining NATO, Edward started his career in applied research, with a focus on Eastern Europe, at the Vienna Institute for International Economic Studies. He then worked, as senior economic adviser and ultimately chief economist, for a major industry association in Brussels.
Alan Gilligan is an economic analyst within the Global Economy unit of DG Economic and Financial Affairs, carrying out regular macroeconomic analysis and forecasting of the Russian economy; as well as assessing the appropriateness of economic policy stances (structural, fiscal, monetary) adopted by the Russian authorities. Prior to joining the European Commission, Alan was a member of the Irish public administration until 2015, working predominantly on public finance and expenditure allocation topics with the Department of Public Expenditure and Reform, and he remains a member of the Irish Government Economic and Evaluation Service (IGEES).
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