Russia has put in place one of the most admirable macroeconomic framework that you can think of. A rainy day saving fund, letting its exchange rate float. That has helped Russia with the very difficult circumstances in the last three years. It has also generated for Russia, a very low debt and very low unemployment. Clearly, there must be an improvement in productivity. There has to be a diversification out of gas and oil economy

The US legal system and judiciary system is so obscure constructively for the US interest that there’s no confidence even though the sanctions have been lifted. That applies to the sanctions that have been decided against Russian individuals as well. And there’s great uncertainty whether or not they targeted themselves or large companie

We are seeing storms in the forecasts. And these storms essentially have three major clouds. Number one is the level and the burden of debt that weigh on the shoulders of sovereigns and on the shoulders of corporations. <…> Number two. I would mention financial fragility, which will result in significant capital outflows from emerging and low-income countries. <…>The third cloud that is probably the darkest one is the determination of some to rock the system that has presided over the trade relationships

The global economy is now in a place it hasn’t been for the past 10 years. Last year it grew by 3.8%. This year we’re expecting an improvement to 3.9%