High Corruption and Low Growth Spoil 2010
Moscow Times Wednesday 22nd December, 2010
When Russian leaders review the country’s economic development in 2010, they can only be disappointed. There were no great economic disasters, but Russia has clearly underperformed its peers. Until 2008, the favorite Russian measuring mark was other BRIC countries, but that is no longer so. In 2009, Russia did worse than all other Group of 20 countries with gross domestic product plunging 7.9 percent. This year, growth will be about 4 percent, less than half of India’s and China’s. Two years ago, Russia’s GDP per capita at current exchange rates was four times as large as China’s, but now it is only twice as large. From Moscow’s horizon, China looks increasingly like a threat rather than a peer. The stock market has passed a similar judgment. While ot...
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