The economy in Russia is finally emerging from the recession, according to the government. Analysts warn that the recovery could be shaky at best, but the country’s exchange traded fund (ETF) doesn’t appear to be hurting right now.

Russia says it’s coming out of the recession, but the crisis is likely to linger for some time. Andrew Langley for The Wall Street Journal reports that the economy began to contract late last year as commodity prices plunged, foreign investors withdrew capital and businesses lost access to credit.

The Russian economy expanded 0.5% this July as investment began to creep back into the country. But this doesn’t mean that the economy is going to quickly return to the 5%-plus growth it enjoyed in 2003-2008.

Polya Lesova for MarketWatch reports that Russia’s economy shrank by 10.9% in the second quarter compared with the same period a year ago. Meanwhile, GDP shrank 9.8% year-on-year, indicating the amount of reformation needed for a real turnaround.

• Market Vectors Russia (RSX): up 74.5% year-to-date

For more stories about Russia, visit our Russia category.

Tags: Emerging Markets, Global ETFs, RSX, Russia