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The economy is doing fine—if you gauge it in traditional ways. The growth of GDP is 6.2%, which is good. But do we compare Russia to developed countries or to a country like China that has the GDP growth of 9%—or oil producers like Azerbaijan with 12%, or Kazakhstan with 19%. This way, we see that Russia's achievement is more than modest. Under oil windfall profits, Russia's GDP should have grown by 15% to 16% in 2005. Once you dismiss the windfall profits, you see a poor quality of the economic policy that has proven negative to the tune of losing some 9% to 10% of the GDP growth. (en) |
