A man reads a newspaper under signs with currency exchange rates in Moscow, November 28, 2013. Credit: Reuters/Maxim Shemetov
Leonid Bershidsky, Bloomberg: No, Obama, Russia's Economy Isn't 'in Tatters
Western politicians and pundits should be more careful with their predictions for the Russian economy: Reports of its demise may prove to be premature.
Bashing the Russian economy has lately become a popular pastime. In his state of the nation address last month, U.S. President Barack Obama said it was "in tatters." And yesterday, Anders Aslund of the Peterson Institute for International Economics published an article predicting a 10 percent drop in gross domestic product this year -- more or less in line with the apocalyptic predictions that prevailed when the oil price reached its nadir late last year and the ruble was in free fall.
WNU Editor: I have been saying the same thing for the past two months .... the Russian economy will take a hit and living standards will decline .... but everyone that I know in Russia has prepared themselves for this .... and some of my own relatives are now remarking to me that they are surprised that the "hit" has not been as severe as they had expected.
1 comment:
I agree that the Russian economy can withstand all the sanctions as Russia pivots away from the west and opens up to the large eastern and south American markets..
Russia has been building gold reserves for years and has accelerated buying the last few years ..
Long RUSL 3x leverage ..
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