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    Russian Economy General News: #1

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    Austin

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    Post  Austin on Mon May 13, 2013 3:02 pm

    Ranking of countries for 2013
    http://expert.ru/
    Code:

    Place Country    Year      size of GDP ( million$),  size debt (millions $)    Debt to GDP (%)
    1      USA    2013    16197956                  18097004                        111.724
    2      China    2013    9038658                    1768594                19.567
    3      Japan    2013    5997317                    14692467                244.984
    4      Germany 2013    3373327                      2750678                         81.542
    5      France    2013    2565622                      2362399                92.079
    6      UK            2013    2532045                      2363284                  93.335
    7      Brazil    2013    2503869                      1531642                  61.171
    8      Italy    2013    1953823                      2497924                  127.848
    9      Russia    2013    2109022                        207844                  9.855
    10      India    2013    2117279                        1411548                  66.668
    11    South Africa 2013    402152                        174192                          43.315

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    Post  Austin on Tue May 21, 2013 10:54 am

    Long and Interesting Interview with Dimitri Medvedev on Economic Issue of Russia

    http://www.kp.ru/daily/26078/2983174/
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    Post  collegeboy16 on Sat May 25, 2013 11:05 am

    Austin wrote:More Russians prefer unemployment benefits to working
    Hmmm, thats sad, they prefer to be a burden to others because they are picky when it comes to jobs.
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    Post  Firebird on Sat May 25, 2013 2:06 pm

    collegeboy16 wrote:
    Austin wrote:More Russians prefer unemployment benefits to working
    Hmmm, thats sad, they prefer to be a burden to others because they are picky when it comes to jobs.

    Pretty ridiculous comment that.
    I'll start laughing when you finish university and wind up homeless, in debt and without a job.

    These disgusting articles are propaganda from the far right. Perhaps owned by an oligarch who made billions stealing from decent Russians. Or the son of an oligarch, ie silver spoon. Or the Indian equivalent, product of caste privelige at its ugliest.

    The far right cry that they cant get workers for quarter a dollar a day, like in Africa. Yet they give nothing to the young, educated hungry people who search for a job when the system AIMS for unemployment.

    If you have a labout force of 50million and 8 million are unemployed, if theyre indigenous people, there arent 8m unemployed becauise they are lazy.
    There are 8m unemployed because that is the objective of the system.

    It started off in England under the guise of "economic realism". It was the State's handout to the RICH, not the poor. With millions unemployed, you force wages down, you keep inflation down, you ENHANCE corporate profits. AT THE EXPENSE OF YOUNG AND OTHER UNEMPLOYED PEOPLE.

    This isnt "conspiracy theory", this is basic economic principles. You can read Bank of England and US Fed minutes if you wish.

    So what do the poor young unemployed get from the people THEY are supposedly exploiting? A home? NO. "Living at home" is simply a propagandist's phrase for homeless. Altho in the west, there are millions of EMPTY homes.. A car? No. Fuel? Well thats theirs anyway, as Russian citizens. Food? Again thats theirs as Russian citizens too. Remember how they stake in Russian industries was cheated out of them by the oligarchs?

    So basically they get a little money for food and drink, maybe a trip to the cinema.
    Their vodka, theres a load of tax on, so that goes straight back to the government... so what! I'm sure their lives are great as homeless people..NOT

    Putin wonders why population is shrinking in developed countries, when young couples havent even got their own spave..

    You see it in England, grads of OXford and Cambridge. They apply for skilled jobs.. but the jobs went to China.They apply to Starbucks and get turned down because the boss thinks he's overqualified or a threat. These people arent lazy, theyre the most passionately determined people you'll ever meet. And so the same lies will be propagated in Russia as it absorbs the bizarre western fad. "Moscow State Uni grads are lazy" and utter nonsense like this.

    The majority of jobs in the west are either for immigrants - often dodging tax. Its not a level playing field - they take the wages home to Estonia where they go EIGHT times as far. And so the same is happening with Russia and Central Asia.

    And then u get a big crunch. Waste minds and energy and there's a payback time. Economic collapse, civil disorder etc etc. Why? Because an entrenched elite wastes resources to maximise profits. And the masses swallow the utter shit that they spout.
    Until common sense wakes them up...

    Western employers favourite young indgienous staff are often young mums, often single ones. BEcause they can claim benefits AND take an income on top. Greedy employers love these, they know they can milk them. A western guy loses his tiny benefits if he gets a shit job, so the employer doesnt want him. And its a job with non future for the guy anyway. So he's wasted his life, getting a job with non security, no future, and not even any more money. So its better going to a young mum. And doubtless, so "western employment guru" ie dickhead will be selling this bizarre crap to Russia..
    The COMPLETE fault is the western model for allowing the show to be dictated for the benefit of the globalists and oligarchs, not the many.

    Why should Russian, American or British people study, work and be exploited just for the benefit of Chinamen and globalists? Who built these countries in the first place?
    They acquiese because most of the havent woken up to the con trick of Western globalist practices..

    PS its all very well for an Indian newspaper to be all smug about this.
    They're the ones that benefit from globalism the most. They get developing country aid from the west(even tho they have a space programme!) They have many hundreds of millions of the most destitute and exploited people on the planet.. With caste bigotry supporting the exploitation. And unskilled workers in call centres make an absolute fortune in relative terms - altho the western customers utterly hate this taking of their countrymen's jobs.

    Russia cant be like India. It shouldnt "aspire" to have a caste of destitute "untouchables" who keep a country afloat. And so it cant undercut the west, in the way India does. Nor should Russia aspire to be like India... or the West..

    Russia has fantastic resources and workers(employed an un). It should step away from the western gutter practice of demonising its citizens. And recognise the con trick that some globalists perpetrate.




    Last edited by Firebird on Sat May 25, 2013 2:15 pm; edited 1 time in total (Reason for editing : addition)
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    Post  Austin on Sat May 25, 2013 2:12 pm

    Very Informative Interview why Shale Gas is not seen as threat to Russian Natural Gas , Read the whole interview its informative

    Igor Yusufov: Shale gas is an unprofitable business and a very harmful thing for environment
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    Post  collegeboy16 on Sat May 25, 2013 3:04 pm


    Firebird wrote:
    The far right cry that they cant get workers for quarter a dollar a day, like in Africa. Yet they give nothing to the young, educated hungry people who search for a job when the system AIMS for unemployment.
    If you have a labout force of 50million and 8 million are unemployed, if theyre indigenous people, there arent 8m unemployed becauise they are lazy.
    There are 8m unemployed because that is the objective of the system.
    I dont get it, 8 million people not doing anything would just eat up resources... resources that can be allocated directly to the pockets of those who made the system, or invested somewhere else.
    Firebird wrote:
    You see it in England, grads of OXford and Cambridge. They apply for skilled jobs.. but the jobs went to China.They apply to Starbucks and get turned down because the boss thinks he's overqualified or a threat. These people arent lazy, theyre the most passionately determined people you'll ever meet. And so the same lies will be propagated in Russia as it absorbs the bizarre western fad. "Moscow State Uni grads are lazy" and utter nonsense like this.
    You can always hide some of your credentials in your resume...
    Firebird wrote:
    The majority of jobs in the west are either for immigrants - often dodging tax. Its not a level playing field - they take the wages home to Estonia where they go EIGHT times as far. And so the same is happening with Russia and Central Asia.
    still not an excuse for doing nothing...
    Firebird wrote:
    Russia has fantastic resources and workers(employed an un). It should step away from the western gutter practice of demonising its citizens. And recognise the con trick that some globalists perpetrate.
    agreed
    Firebird wrote:
    Pretty ridiculous comment that.
    I'll start laughing when you finish university and wind up homeless, in debt and without a job.
    Ouch. excpet that I can always go to the west or Russia to work in Starbucks Laughing
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    Post  Firebird on Sat May 25, 2013 3:43 pm

    collegeboy16 wrote:
    Firebird wrote:
    The far right cry that they cant get workers for quarter a dollar a day, like in Africa. Yet they give nothing to the young, educated hungry people who search for a job when the system AIMS for unemployment.
    If you have a labout force of 50million and 8 million are unemployed, if theyre indigenous people, there arent 8m unemployed becauise they are lazy.
    There are 8m unemployed because that is the objective of the system.
    I dont get it, 8 million people not doing anything would just eat up resources... resources that can be allocated directly to the pockets of those who made the system, or invested somewhere else.
    Firebird wrote:
    You see it in England, grads of OXford and Cambridge. They apply for skilled jobs.. but the jobs went to China.They apply to Starbucks and get turned down because the boss thinks he's overqualified or a threat. These people arent lazy, theyre the most passionately determined people you'll ever meet. And so the same lies will be propagated in Russia as it absorbs the bizarre western fad. "Moscow State Uni grads are lazy" and utter nonsense like this.
    You can always hide some of your credentials in your resume...
    Firebird wrote:
    The majority of jobs in the west are either for immigrants - often dodging tax. Its not a level playing field - they take the wages home to Estonia where they go EIGHT times as far. And so the same is happening with Russia and Central Asia.
    still not an excuse for doing nothing...
    Firebird wrote:
    Russia has fantastic resources and workers(employed an un). It should step away from the western gutter practice of demonising its citizens. And recognise the con trick that some globalists perpetrate.
    agreed
    Firebird wrote:
    Pretty ridiculous comment that.
    I'll start laughing when you finish university and wind up homeless, in debt and without a job.
    Ouch. excpet that I can always go to the west or Russia to work in Starbucks Laughing


    ou dont get it? Well you're 16 yrs old, looks like youve got some things to learn, in all fairness.

    You seem to forget. Its THEIR system, its their country. Their resources. They ARE doing something -looking for work and training in the meantime.

    And they're NOT consuming resources. As the article says, they're homeless, having a few roubles for food and vodka.
    Food and vodka thats taxed. Food and vodka they are forced to agree not to produce themsleves. Because that is considered the ambit of the State (and now the oligarchs).
    The resources are already there- homes (that are empty), people -who want to work, food, vodka, everything.
    And the tax revenues that give them their pitiful few roubles come from themselves and their families anyway..

    The deal was that they would get skilled. And the government would manage the country so that they had a reasonable job. Not big money, just a reasonale level, enough not to be homeless etc. Except everything was hijacked by a globalist con trick.

    Russian unemp is about 5%. Globalist (confidence trickster) economists actually consider that “full employment”. Do u actually realise that. (Obviously not!) The powers that be have no real intention of reducing that figure. They'd rather demonise hard working, intelligent young people. It means more of the cake for parasites them, less for those who actually WANT to contribute ( ie the people YOU smear as lazy).

    Do u actually understand how the controllers of capital actually came into being in modern Russia?
    Do you understand why people like Abramovich ran off to England, to avoid jail, and travel round with security similar to Medvedev? Obviously not.

    And skilled people cant hide their resume details. Theyre asked for full work histories. And references from previous employers/ colleges. And with 4.5 m or so unemployed in Russia, it wont make a difference anyway. There are NOT 4.5 m jobs available. Even an idiot can do the maths from there. They're NOT avoiding work. Its a bareface lie.

    Try getting a job at Starbucks in England. 40 applicants for 1 place. Jobs filled 3 months before opening...

    And where is it you come from? I thought India. Is Phillips Pines actually “The Phillipines”.
    Phillipines and India have done very nicely from the globalist con trick. Developed world tax revnuees and State resources set up Russian/ Western businesses in the 3rd World. Result is that unskilled call centre frontline staff benefit from another country's hard work and ability. And the globalist oligarchs take the rest.Thats the essence of parasitism.

    As Henry Ford said, “I like to keep a few hungry mouths at the factory gate”.
    Parasitism at its very worst. Russian and Western people funding the very parasites that exploit them. Unemployment is the deliberate result of the world's oligarchs. And undilued oligarchical capitalism (Russian or Western) is the World's economic cancer.

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    Post  Firebird on Sat May 25, 2013 4:07 pm

    I've just read that idiotic Indrus article again.

    Shame it makes no mention of the actual number of "unfilled vacancies" (ie because that number is effectively zero).

    Really there should be libel laws against economic parasites who make up smears and lies against 1st World citizens who are exploited and demonised.

    PS one interesting thing thats mentioned is "economically inactive" persons.
    The big lie is that unemployed people are these huge consumers of resources.
    The reality is very different. They infact consume next to nothing. When u look at the taxes on everything thats consumed in the 1st World, u'll see how much of our expenditure actually goes straight back to the State. eg just look at petrol and drink in Britain, and vodka in Russia etc etc

    For instance, I know a few people who were unemployed after university. They had no choice.They applied for many hundreds of jobs ranging from qualified ones, to rubbish ones. Often having to pay for the stamps, envelopes, interview expenses around the country out of their own savings. The "generous unemployment benefit" that the media and the far right talked about, were anything but generous. It would be enough for a modest night out in a bar in a working class place, a shared taxi home, and a bag of chips/ kebab. Their food, clothing, housing, fuel, everything else had to be paid for by the family that they were forced to lived with. And its the same in Russia.The idea they somehow "chose" to be unemployed was like saying "the Jews chose to be exterminated" ie utterly idiotic.

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    Post  Corrosion on Thu May 30, 2013 3:46 pm

    Firebird wrote:
    PS its all very well for an Indian newspaper to be all smug about this.
    They're the ones that benefit from globalism the most. They get developing country aid from the west(even tho they have a space programme!
    Ahh Indian Space Programme. Why are British so butt hurt about Indian Space Programme. BTW Indian Politicians have said it on numerous times We dont want your aid. Its peanuts, and its designed to get business contracts, as it was blatantly visible when Euro-fighter lost the contest with Rafale.

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    Post  GarryB on Fri May 31, 2013 4:20 am

    I dont get it, 8 million people not doing anything would just eat up resources... resources that can be allocated directly to the pockets of those who made the system, or invested somewhere else.

    Even unemployed people have to eat, so by spending their allowances they make up a part of your economy... in many ways they are the equivalent of very very low paid government workers.

    I have been unemployed several times in my life and I must say it is the worst. You stop having a life... because you can't afford to spend money, and you don't want to bump into old friends because the first question is "what are you up to?".

    No money and all the time in the world to spend it.

    You can't make someone hire you... I found I would go to interview after interview and after a few hundred nos you start making less of an effort, till eventually you just go through the motions. Everyone has their advice to give that will get you a job, but at the end of the day if you are applying for a job you saw advertised then they probably already have someone for the job.

    The first place to start is with you... what are you good at and what do you like doing... then identify jobs where you do that for more than half the time... get the required qualifications and then approach organisations that need those sorts of people. Do it as work experience for a couple of weeks... do a good job and then when a position comes up you have a better chance than the others... odds are you will hear about the position first which will give you more time to prepare... you already know the people and the systems... it will give you the advantage, but you still might not get the job. If you miss out, don't lash out... get some references and find another company and start again.
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    Post  Viktor on Tue Jun 04, 2013 2:11 am

    According to OECD and PPP, Russia is the strongest EU economy from 2012.

    http://stats.oecd.org/index.aspx?queryid=557

    what is more interesting is that as the gas and oil prices stagnated throughout most of the 2012 and deliveries of gas to EU decreased

    (even the oil a little) biggest boost to Russian economy came from the growth of its industry.
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    Post  Firebird on Tue Jun 04, 2013 12:48 pm

    GarryB wrote:
    I dont get it, 8 million people not doing anything would just eat up resources... resources that can be allocated directly to the pockets of those who made the system, or invested somewhere else.

    Even unemployed people have to eat, so by spending their allowances they make up a part of your economy... in many ways they are the equivalent of very very low paid government workers.

    I have been unemployed several times in my life and I must say it is the worst. You stop having a life... because you can't afford to spend money, and you don't want to bump into old friends because the first question is "what are you up to?".

    No money and all the time in the world to spend it.

    You can't make someone hire you... I found I would go to interview after interview and after a few hundred nos you start making less of an effort, till eventually you just go through the motions. Everyone has their advice to give that will get you a job, but at the end of the day if you are applying for a job you saw advertised then they probably already have someone for the job.

    The first place to start is with you... what are you good at and what do you like doing... then identify jobs where you do that for more than half the time... get the required qualifications and then approach organisations that need those sorts of people. Do it as work experience for a couple of weeks... do a good job and then when a position comes up you have a better chance than the others... odds are you will hear about the position first which will give you more time to prepare... you already know the people and the systems... it will give you the advantage, but you still might not get the job. If you miss out, don't lash out... get some references and find another company and start again.

    The reality is that when there arent enough jobs, there arent enough jobs.
    Sometimes, people are better learning a new skill than adopting a giant, extended jobsearch.

    Often u-emp is even worse than the stats. And you have to add in underemployment, which can be even worse in some ways.

    Unemployment isn't an accident, its a deliberate mechanism by the powers that be.
    Thats not conspiracy theory, its just the anti-inflation approach that some bizarre, self-centred economists embrace.

    We've seen an export of jobs from the West/1st World to India, China etc. And with that, went an export of prosperity.Often funded by Western financial and intellectual capital.

    So much for Western democracy eh...

    I wonder what Russia's tactic will be.
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    Post  GarryB on Tue Jun 11, 2013 11:42 am

    The reality is that when there arent enough jobs, there arent enough jobs.
    Sometimes, people are better learning a new skill than adopting a giant, extended jobsearch.

    I retrained several times but I guess now my problem was a lack of confidence in the interview and a bit too much honesty.

    I have been told to never say no, so if someone asks if you can program in C++ you don't say no, you say you have started learning it and know the basics... etc.

    Another problem for me was that there is a local university and polytech putting out skilled young people every year to compete with me and that most people in my age group applying for the jobs have the same qualifications but also the experience overseas... they often come back to put their kids through NZ schools where they are less likely to be knifed.

    Of course the more nos you get the less confident you are in your own abilities... you keep telling yourself it is their loss but at a certain level you feel a failure.

    The frustrating thing is when you keep applying for the same job re advertised every 6-8 months... they are rejecting you each time but the person they are taking on seems to be rejecting them or not working out.
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    Post  Austin on Sun Jun 16, 2013 4:30 am

    I guess a lot of this has to do with Global Economic Condition which is down ATM , So things will improve as Economic Situation gets better 

    In India if you are an IT professional there is enough job to keep you going but you have to move to places where there is job like Bangalore , Hyderabad etc
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    Post  sepheronx on Thu Jun 20, 2013 8:28 pm

    Oil and Gas are easy to blame, but also easy to praise.  Look at the United States: they are facing an economic crisis with a semi-decent prospect of growth (even though they already reached past $40B in deficit this year), and they are hoping on oil/gas to help their economy.  While Russia gets blamed for having growth and a high output of oil and gas.  Really, in the end, if the infrastructure is there, then exporting it isn't nearly that hard, nor is pumping it.  Startup is usually expensive, but afterwards, it is easy to pay off.  As well, with its high export value and the fact that it is easier to pump when the infrastructure is in place, it becomes profitable quite quickly and hence, why it appears that is it mostly tied to the Russian economy.  It is so in the sense that it is used to quickly pay off debts or to quickly fill up reserve funds, because it is that fast in obtaining money as other countries demand it.

    They need energy, and it so happens that Russia (like Canada) is sitting on a gold mine.
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    Post  TR1 on Thu Jun 20, 2013 9:13 pm

    Some "insider" if you will news from the industry: there are some revolutionary new prospecting and data-analysis models set to hit the industry soon.
    Will greatly decrease cost of finding new oil wells, and will increase profitability of existing ones. 

    The work is based on research originally started @ Moscow State back in the 80s. Finally coming to fruition, wait and see Smile
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    Post  Viktor on Thu Jun 20, 2013 10:47 pm

    Well lots of factories are opening in Russia (in all sectors) each year and it is obvious that money from gas and oil is finding its way towards diversification. 

    It is said that during 2012 year when oil prices went down a bit and deliveries to EU shrunk, industry gave boom to Russia 3.5% GDP growth. 

    In time Russian industry growth will with the help of oil/gas money take over to be the driving force in Russian GDP.
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    Post  sepheronx on Fri Jun 21, 2013 6:28 pm

    Shadow Economy accounts to 15-20% of GDP

    If Russian government decides to step up against the tax evasion going on, by making the Tax system stricter and filling any loopholes, while at the same time lowering Taxes, would mean that they could get a huge amount of that back.  Even if it isn't as much, it is better than what is being lost now.
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    Post  Austin on Fri Jun 21, 2013 7:32 pm

    Cyberspec wrote:
    Viktor wrote:Russia Clinches $270 Bln Oil Export Deal With China


    That's BIG news

    Probably not BIG but most certainly a decent amount , The BIG news will be when Russia-China agree on the pipe gas deal that worth more than $700 billion for 30 years.

    Oil is any way a very commodity in demand and Russian Oil have low sulphur content and the ESPO oil has higher grade then even Brent , so if not China then some one else. 

    I am keeping my hope on the Gas Deal , Hope it materialises.
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    Post  Austin on Sun Jun 23, 2013 5:28 pm

    Deals worth 300 bln dollars inked at Russia's St. Petersburg forum


     

    Russian Economy General News: #1 - Page 7 124896391_11n

     • Deals with an estimated total worth of about $300 bln have been signed at St. Petersburg forum.

     • More than 100 investment deals and letters of intent have been inked.

     • 25-year deal between CNPC and Russian oil giant Rosneft has an estimated value of $270 bln.





    ST. PETERSBURG, June 22 (Xinhua) -- Deals with an estimated total worth of about 9.6 trillion rubles (about 300 billion U.S. dollars) have been signed during an economic forum held in the Russian city of St. Petersburg, the Russian authorities said on Saturday.

    More than 100 investment deals and letters of intent have been inked during the three-day St. Petersburg International Economic Forum (SPIEF) starting on Thursday, Russian Deputy Economic Development Minister Sergei Belyakov told reporters here.



    Among them is a 25-year deal between China National Petroleum Corporation (CNPC) and Russian oil giant Rosneft, which alone has an estimated value of 270 billion dollars.



    Other major contracts include an agreement on liquefied natural gas (LNG) deliveries via the South Stream pipeline between Rosneft and Electricity of France.



    CNPC has also struck a deal with Russian LNG operator Novatek on the acquisition of a 20-percent stake of the Yamal LNG project.



    SPIEF, which has been held annually since 1997, attracted this year more than 5,000 finance specialists, banking industry representatives and senior government officials from more than 70 countries. 

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    Post  Austin on Thu Jul 04, 2013 2:18 pm

    The government approved the main parameters of the budget for 2014

    The government approved in principle the draft guidelines of the fiscal policy, which developed the Finance Ministry. On this, as reported by "Interfax" , said the Minister of Labour and Social Protection of Maxim Topilin.

    According to the minister, between ministries were some differences. "The appetites of all high enough" - said Topilin, adding that until July 11, the Ministry of Finance should be sent to all departments to limit the volume of spending planned in the budget.

    According to the plans of the Ministry of Finance, in 2014, the budget deficit will amount to 0.4 percent of GDP, or 327 billion rubles, and in 2015 and 2016 will rise to 0.6 percent of GDP (455.5 and 543.7 billion rubles, respectively). Budget revenues will grow in real terms over the three years, from 13.5 to 15.8 trillion rubles, but in relation to GDP will decrease from 18.3 to 17.4 percent.

    The base price of oil in the 2014 budget will be fixed price of 93 dollars per barrel (average six years), next year - $ 94 (average for seven years) and in 2016 - $ 95 (average for eight years).

    During the presentation of the main parameters of the budget for the next three years, Finance Minister Anton Siluanov warned that the adopted program of privatization and state-owned companies to transfer 25 percent of the profits to shareholders must be met, otherwise the budget to cover the deficit will climb to the Reserve Fund. According to him, it could happen as early as 2013, as a negative scenario Budget 2013 may lose revenue shortfall of one trillion rubles.

    Previously designing the budget for the years 2014-2016 has criticized Deputy Prime Minister Olga Gollodets. She stated that the budget does not reflect a number of social programs, including the disabled and orphans. In turn, the newspaper "Vedomosti" , analyzing not published until the document, noted that the Treasury has made ​​the document so as to fulfill the presidential decree of Vladimir Putin in May 2012, including by reducing spending on health and education.
    Viktor
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    Post  Viktor on Thu Jul 04, 2013 2:28 pm

    Very low budget deficit - the question is now what are priorities drawn by Russian government in development of Russian economy.

    I read a article that said about new Russian finance minister who primarily thinks small business development is the key to Russian BDP growth and stimulating it

    will be his priority. When you look at it prices of oil and amount of oil and gas delivered to outside consumers decreased but at the same time Russian economy

    achieved growth mainly because of strong industrial production - and this is what all the fuss is about. Diversification that is taking place but needs time to

    show results due to many factors.
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    Post  Regular on Thu Jul 04, 2013 3:36 pm

    Interesting- what actions will they take? Would they make business environment more welcome to small EU investments? I would love to be able to start business in Russia, car interior installation, painting, poly vinyl coverage, styling etc:) Russians are willing to come to other countries just to get quality job done, they are big spenders
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    Post  Austin on Thu Jul 04, 2013 3:56 pm

    I agree with the FM if he thinks that way , Encouraging small business and entrepreneurship is key to drive Economy and Invention , The reason why USA has the Apple and IBM of the world is because they driver entrepreneurship and encourage small business.

    In Russia we havent seen beyond Kaspersky a well known brand in the world.

    Some how Russia has not seen beyond Statements , they needs to convert statement into action.
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    Post  Austin on Thu Jul 04, 2013 4:00 pm

    One thing is very certain Russia has lot of Oil and Gas , I would say much beyond what Saudi has , the only draw back is extracting them in Arctic cost a lot so one need to target Oil for Arctic extraction at $125 - 150 to make it profitable.

    Not to mention huge shale oil deposits.

    But its necessary to keep Oil Revenue to the minimum as part of budget from 50 % as it is now to 25 % what they are targeting for 2020.

    See no reason if Singapore and Taiwan can flourish without Oil and build a Economy based on Banking and Commerce why cant Russians do.....it would be painful but in the long run they would benefit ....... I guess the only reason is because they are so used to Oil its hard to do away with it.

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