The situation is different in those countries which are heavily dependent on commodity exports. These countries are suffering from the still very low oil prices – some of these countries are on the verge of or in the midst of a recession.
Last year, economic output in BIS central bankers’ speeches  1  Russia declined by 3.7%, for example, and by 3.8% in Brazil. In many of these countries, the boom in commodity prices, which continued up until 2012, masked the structural weaknesses in the economies concerned, which are now all the more apparent.