General Director of Alpe Consulting Alexander Schachner, who arrived in Moscow 13 years ago to set up his own firm, which has become a success, believes the largest problem for Russia is a very bad PR abroad.
Many people do not know that Russia is much better than its image in Western countries, Schachner said. So first of all, Russian authorities need to think of how to improve it. As for the high cost of living, if people come to work in Russia their employer is taking care of this.
Russia remains one of the fastest-growing economies and markets in the world, which is very tempting for foreign investors. For their part, the countrys authorities are also very eager to attract more investments. Therefore, the important goal is to overhaul the immigration service: new improvements might enable expats to avoid long bureaucratic procedures for getting work permits.
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PWC predicts Russia will be Biggest European Economy
- Edward Parker, the Head of emerging Europe at Fitch pointing to renewed confidence about the Russian economy.
"The revision reflects our greater confidence in economic and financial stability in Russia",
The upgrade comes ahead of a major Russian international debt sale its first in more than a decade and makes Fitch the second ratings agency to upgrade Russia this year following in the wake of Standard & Poors. Edward Parker said Fitch noted the impact of rebounding in crude prices over 2009 on Russias budgetary position.
The rebound in oil prices, recovery in net private sector capital inflows and economic activity, decline in inflation, reduction in downside risks in the banking sector and a lower than expected 2009 budget deficit outturn underpins our decision to revise Russias rating outlook to stable, Parker said.
Finance Minister Alexei Kudrin hailed the Fitch upgrade as reflecting measures the government had taken to manage the economy through the downturn, and could facilitate new investment needed for diversification away from commodities. He said: "This is a big accomplishment, that our ratings are being restored from negative to stable. That means the measures, taken by the government, are correct and they reinforce trust. International trust, and trust from the markets is exactly what Russia needs right now".
Oil and gas revenues in 2009 climbed to more than $100.7 billion, according to Finance Ministry estimates, as much as 45% more than was planned early in the year, and making for a fiscal deficit of 6.4% of GDP instead of 8.3%. Fitch ratings announced it had revised its forecast for Russias budget deficit in 2010 to 5% from 6%, with Finance Minister Kudrin saying that it will narrow to 3% of GDP by 2012 if crude averages $70/bbl. Fitch also added that it expects Russian GDP growth in 2010 to reach 4.5% and inflation to slow to 7.5%.
The Fitch re-rating came on the same day that audit and consulting firm PricewaterhouseCoopers suggested that Russia could become the largest European economy by 2030. In a report released in London PwC says Russia will be the leading European economy by 2030 ahead of Germany and France.
John Hawksworth, the head of macroeconomics at PWC, told RT in a live interview that his company considered growing energy prices as a key factor in Russias future success, but it also considered the high education levels and effectiveness of the Russian workforce.
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Russians now account for almost half of real estate buyers in Europe.
According to European real estate agencies, last year Russians bought 41% of real estate in and around Paris, Berlin and Rome. And the amount of Russian buyers in London rose by 25% in the same period says Ekaterina Thain, Partner and Director of Residential at Knight Frank.
Russians have been significant players on the international markets for the last 3,4 or maybe 5 years and definitely we have seen an serious uplift in 2009 when the crisis in Russia just started.
Russians have long been stigmatized with phrases such as "The Russian Invasion", when really only rich could afford such purchases.
But the crisis, which hit Europe particularly hard, is presenting new opportunities with many more Russians now looking beyond the border in search of a good place to invest and finally putting a bit of justice to the term, "The Russians are coming".
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Eager To Kill Another Million CNN, US Ambassador Rice & Co Attack Russia and Chinaby ProtectSouthOssetia221 views
This is a brave and wise move by those companies.
neophytetroll 1 month ago
Good news
Anatoli8888 1 year ago
More people need to see this video.
SiroDra 1 year ago