The drop in oil prices over the past month will limit the room for fiscal stimulus in response to the slump in Russia’s economy since the turn of the year and is another reason to expect the recovery to disappoint. But in the absence of a much sharper fall, lower oil prices themselves are unlikely to act as a further drag on growth – the causes of Russia’s slowdown run much deeper.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services