“” “” The Russian economy has expanded during Putin’s tenure because oil prices went from about $20 when Putin took office to about $50 today. If oil prices go to $100, the Russian economy will do well again. Think of Russia as the Saudi Arabia of the north, with deserts of ice instead of sand.”” “”
This myth was many times debunked. It is not even interesting to start arguing it again. Russia has roughly five times the population of Saudi Arabia and sells about as much hydracarbons.
Following simple mathematic principles if your theory is true the average Russian has to be five times poorer than Saudi but it is not the case.
It is especially not the case if you compare above individual level. In terms of overall national economy Saudi Arabia is a midget comparing to Russia.
That comes out of a fact that oil is literally 100% of Saudi economy and only a tiny part of Russia’s.
“” “” Russia could have become a manufacturing destination the way much of Eastern Europe has. “” “”
The share of manufacturing in national GDP in Russia is 68% higher than in US. It is a manufacturing destination. Could do much better but far from worst.
“” “” The problem is the Russians kept jerking foreign investors around, to the point that investors became gun-shy. Between that and Putin’s kleptocratic ways, the net result is that Russia is basically a petrostate whose economy revolves around oil prices.”” “’
Now I see. George Soros, Mikhail Khodorkovsky and William Browder paid New York Times shills to write it so it must be true.
But the reality is that the ruble denominated Russian stock indice gained 25% this year alone. Russian currency gained more than 10% against the dollar this year alone.
Investors are screwed big time. To figure out what to do with that huge returns might be a torture.
[This myth was many times debunked. It is not even interesting to start arguing it again. Russia has roughly five times the population of Saudi Arabia and sells about as much hydracarbons.
Following simple mathematic principles if your theory is true the average Russian has to be five times poorer than Saudi but it is not the case.]