Abstract: One of the key milestones of the modern top down/bottom up analysis is the assessment of a country’s economic level and growth prospects. In this study on the basis of leading and confirming macroeconomic indicators we offer a macroeconomic analysis and forecast for the nearest 3-6 months, according to which the RTS dollar index confirmed our expectations while the MICEX demonstrated a distinctly opposite dynamics. The key reason for this is the fact that the two indexes are calculated in different hard currency values: the RTS is done in US dollars while the MICEX-in Russian roubles. Relying on the results of the study, I made a conclusion that what is needed are structural, legal, geopolitical and business changes which introduction would allow us to have a better justified and truer assessment of the economic situation in the country by the equity market.