Russia to make it into Top 5 of world economies

February 2, 2012


Russia will soon become one of the world’s top five economies, Prime Minister Vladimir Putin said at the Russia 2012 Forum.

Russia finished off 2011 with a good economic outcome, showing off a 4% GDP growth and a record low inflation rate (6.1%), compared to the past two decades.

Most independent experts have placed Russia into top five of economies with a high potential for direct foreign investments.

However, Russia is still ranked 120th in terms of real investments, Putin added.

Putin urges society to fight corruption

Russian Prime Minister Vladimir Putin said Friday he was going to submit his proposals of involving society into the fight against corruption.

At the Russia Forum 2012, Vladimir Putin stressed he believed the Russian society should take a more active stance on anti-corruption agenda.

It was vitally important that people defied corruption and actively participated in curbing it, he said.

Russia must improve its business environment, – Putin

In the next few years Russia must improve its economic conditions, creating a better business environment and taking the 20th place in the ranking «Best investment climate».

Doing so will accelerate the access to power networks, facilitate tax accounting, ease cargo customs procedures and aid building of new objects – getting the permit to do that will require 5 times less time and 3 times fewer paper formalities.

Putin finds global recession risks probable

Russia’s Prime Minister Vladimir Putin finds the risks of a global recession probable. He stated this at the Russia Forum 2012 on Thursday.

The Prime Minister sees two possible economic scenarios – a negative one when the current problems become worse and national and global leaders are incapable of drastic collective decisions.

This scenario will increase debts, boost protectionism, lead to trade wars, political destabilization and will hit the middle class in a number of developed countries.

The second, positive, scenario is the refusal to accept bubble economies and the emergence of people-oriented economy which creates jobs not regulations, Putin concluded.