The IMF Executive Board has published its views on the Russian economy following a consultation with officials on the country’s economic developments and policies, as authorised under Article IV of the IMF’s Articles of Agreement. The Executive Board observed that real GDP growth had slowed amid weak investment and external demand. Yet, the Russian economy remains close to full capacity, with unemployment at historic lows and capacity utilization at pre-GFC highs. The Board recommended increasing potential output, implementing structural supply-side reforms and further strengthening of policies to address future growth challenges. In particular, the Board pointed out that economic growth going forward would rely on more efficient use of resources and higher investment rather than increasing oil prices and use of spare capacity.