However, if unanimity amongst forecasters means something, then the chances for a continued recovery are good: all available forecasts from both official and private sources imply a strengthening in growth. This expectation is also in line with developments in financial markets. I would like to stress also that a number of conditions necessary for a recovery in domestic demand are in place.
Indeed, since 1999 the Russian Federation has contributed substantially to global growth and has become a major holder of foreign exchange reserves. The Russian Federation’s share in global trade has been on the rise since 1998 and on international capital markets Russian corporations have gained the status of key borrowers, benefiting from the country’s transition to investment grade status.