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World Bank: Russian Economy to Grow Robustly this Year
Jul 13, 2007
As per World Bank’s Russian Economic Report, the sky rocketing prices of oil would keep bringing dollars in to the economy of Russia, thereby fueling the growth in its GDP. But, the inflow of foreign investment and petrodollars would prevent the Government of Russia from keeping the inflation within projected limits.
According to John Litwack, Russia’s Chief Economist, GDP is expected to grow by over 7% this year (2007), considerably above the govt.’s forecasted 6.5%, as reported by financialexpress.com on June 13, 2007.
Metallurgy and commodities sectors are Russia’s most lucrative sectors, with the thriving domestic market that has shown rapid growth owing to the increasing purchasing power, said World Bank in its report.
Investors are drawn towards the markets where they see a strengthening currency, Ruble in this case, and where they can earn relatively stronger margins. Foreign investment reached a record US$ 9.8 Billion in the 1Q of 2007, and around US$ 7.7 Billion of this investment went in industrial minerals. FDI (Foreign Direct Investment) remained just US$ 3.8 Billion in the 1Q of 2006. Unemployment, a chronic issue, is another problem in the economy of Russia figured out by the Bank experts.
According to RNCOS report “Russian Retail Sector Analysis (2007-2011)”, “Russian economy has been growing at an impressive pace over the past six years (period between 2001 and 2006). In spite of a minor lag during 2005-06, economic growth during the recent years has remained generally on an upswing. Ongoing strengthening of the currency (Ruble), and stable growth in personal incomes are expected to help expand the retail market’s size to US$ 744.92 Billion by the year 2011.
Key issues and facts analyzed in this report include: market size and scope of the organized retail in Russia, factors driving growth in this sector, size of organized market segment wise & its growth prospects, opportunities & challenges faced by retailers in Russia, and so on.
For more information visit: http://www.rncos.com/Report/IM0303.htm
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