Posted on 02/05/2005 9:21:09 PM PST by jb6
MOSCOW - Russia’s economic climate is good, World Bank President James Wolfensohn told reporters in Moscow on Thursday. The evidence was Russia’s impressive growth of seven percent last year alongside rising gold and foreign currency reserves, he said.
But the state should clarify its position on private business, he warned, urging higher investment in the private sector. Wolfensohn lauded the Russian government’s policies on paying debt, curbing inflation and developing the national economy.
In a November report, the bank said Russia’s government should lessen interference in the economy, pointing notably to a YUKOS case building investor uncertainty. The report also blamed the exchange-rate policy of Russia's central bank for a surge in capital flight.
The investment climate would profit from a clearer view of the government’s role in the economy and a better environment was a key task for Russia, the bank said. It recommended the government to cut taxes in the oil sector, noting this and softening other regulatory measures would stimulate growth.
It's kind of like saying that Idaho's economy is doing well. With apologies to Idaho.
By PPP Russia has the world's 6th largest and second fastest growing economy. Hardly Idaho. You claim to be in Russia a lot, then you should know that most people can feed a family of 3 on $60-70 per month.
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