러시아ㆍ유라시아

The economy continues to grow dynamically. Growth accelerated to 6.3 per cent in the first half of 2018 after reaching 5.1 per cent in 2017. Copper exports and mining-related investment are major growth drivers, with domestic consumption also picking up.

Reform implementation has been largely on track, although with delays in some areas. The quantitative benchmarks for foreign exchange reserves and fiscal balance under the IMF programme have been met, but some fiscal accounts and financial sector reform measures have been delayed.

The results of the Asset Quality Reviews (AQRs) in the banking sector were better than expected. The AQRs revealed an aggregate capital need in the sector of 2 per cent of GDP, well below earlier projections. Banks need to meet the targeted capital levels by the end of 2018.