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Words of Wisdom

 

  • Vladimir Mau, Rector, Russian Academy of National Economy and Public Service under the President of the Russian Federation:

    “At the moment, politics is more important than economics in Russia. In general, emerging markets can be defined as markets where the politics is no less important than economics.”

     

  • Nouriel Roubini, Professor of Economics, NYU’s Stern School of Business:

    “Korea, Japan and Israel are the most successful countries. Neither Canada, nor Russia nor any other countries with natural resources can match their success. The secret of growth of the first countries mentioned is their investment in human capital. The problem is that in developed countries in the last 20 years, investments have been made in much less productive industries – finance and real estate.”

     

  • Herman Gref, CEO, Chairman of the Management Board, Sberbank of Russia:

    “Europe is already in crisis and we don’t depend on oil prices from Europe. Oil prices are being maintained at a high level due to instability in the Middle East. Much will depend on how the situation in Iran develops.”

     

  • Ruben Vardanian, Chairman of the Board of Directors, Troika Dialog:

    “The world around us is changing at a rapid pace and throwing us new challenges. The Davos Forum showed that investors are not feeling very optimistic.”

     

  • Kenneth Rogoff, Professor of Economics and Public Policy, Harvard University:

    “It’s good news for Russia that the macroeconomic situation in the country is positive. The thing that worries me when looking at Russia from the outside is that recently it only managed 4% economic growth while enjoying such good conditions.”

     

  • Aleksei Kudrin, Ex-Russian Minister of Finance:

    “Unfortunately, government participation through subsidies, through regulatory measures, and through providing incentives to the economy is not of an orderly or fair nature – we have favourites that receive these subsidies and incentives. I think that we need to significantly curtail this practice.”

     

  • Michael Milken, Chairman, Milken Institute:

    “The Russian government needs to involve as wide a circle of Russians as possible, and make them part of the financial system. Privatization should be a key factor in raising the availability of assets for as many investors as possible, not only for a small portion of society.”

     

  • Russell Napier, Strategist, CLSA:

    “Current monetary policy, with it’s focus on exchange rate targeting, would normally be conducive to a bubble in asset prices forming in the emerging markets. However the authorities are responded with a mixture of capital controls, credit controls and price controls which will probably succeed in preventing this outcome.”

     

  • Herman Gref, Chairman of the Board, CEO, Sberbank:

    “Russia has unique opportunities for manufacturing practically all commodities. Russia also has enormous ‘brain’ potential, although we should work on commercializing our own inventions and innovations.”

     

  • Sergei Sobyanin, Mayor of Moscow:

    “Business shouldn’t be subservient to power; we should be partners, following the same rules of the game.”

     
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