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2015 OECD Economic Outlook, Volume 2015 Issue 1

image of OECD Economic Outlook, Volume 2015 Issue 1

The OECD Economic Outlook  is the OECD's twice-yearly analysis of the major economic trends and prospects for the next two years. The Outlook puts forward a consistent set of projections for output, employment, prices, fiscal and current account balances.

Coverage is provided for all OECD member countries as well as for selected non-member countries. This issue includes a general assessment, chapters summarising developments and providing projections for each individual country, a special chapter on investment and a statistical annex.

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Russian Federation

GDP is projected to fall by around 3% in 2015, and to grow less than 1% in 2016. This weak turnaround is supported by the recovery of oil prices, better international relations achieved in the first half of 2015 and on the success of import substitution programmes. A spike in consumer price inflation, which has peaked at around 17%, resulted in a sharp fall in real wages, weighing on private consumption. The current account remains in surplus because lower revenues from oil and gas exports are more than offset by falling imports, which reflect weak domestic demand and sanctions.

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