2007 was a turning point for Russia whose GDP grew 7.6 %, says a UN annual report titled “World Economic Situation and Prospects 2008”. Economic growth was particularly promoted by the increase in consumption and investment levels, high oil prices and Russia's stable fiscal policy. The rapidly growing economy and the strengthening national currency are also reflected in the robust increase in exports which, in terms of volume, is expected to grow three times faster than total output in the next few years according to Bank of Finland BOFIT.
Russia has also significantly improved its international financial position to finally vanish the aftermath of the financial crisis of 1998. The federal budget has run surpluses since 2001 and ended 2007 with a surplus of about 3% of GDP according to the World Factbook of CIA.
The main trend in 2007 in Russia was its continuous economic and political stability which fostered foreign investments inflow. According to Vladimir Kvint, President of the International Academy of Emerging Markets, the year of 2007 saw an unprecedented volume growth of foreign investments: they are 2.5 times up. None of the 15 leading world economies can boast of such progress. During the last 12 months 100 million dollars from the United States were invested in Russia, which became an absolute record among developing countries.
As for human resources in Russia, the situation is also stable. Thanks to the strong Russian system of education a sufficient number of well qualified graduates in all spheres enter their jobs annually. Many universities now offer modern programs (MBA, MA, MSc, and BA) that meet the world’s education standards and finally the corporate needs. Innovative programs are emerging, often in cooperation with foreign universities, mainly at master’s level.
See also: Russia in 2007: Turning Point. Part II: IT Industry Overview.
Russia has also significantly improved its international financial position to finally vanish the aftermath of the financial crisis of 1998. The federal budget has run surpluses since 2001 and ended 2007 with a surplus of about 3% of GDP according to the World Factbook of CIA.
The main trend in 2007 in Russia was its continuous economic and political stability which fostered foreign investments inflow. According to Vladimir Kvint, President of the International Academy of Emerging Markets, the year of 2007 saw an unprecedented volume growth of foreign investments: they are 2.5 times up. None of the 15 leading world economies can boast of such progress. During the last 12 months 100 million dollars from the United States were invested in Russia, which became an absolute record among developing countries.
As for human resources in Russia, the situation is also stable. Thanks to the strong Russian system of education a sufficient number of well qualified graduates in all spheres enter their jobs annually. Many universities now offer modern programs (MBA, MA, MSc, and BA) that meet the world’s education standards and finally the corporate needs. Innovative programs are emerging, often in cooperation with foreign universities, mainly at master’s level.
See also: Russia in 2007: Turning Point. Part II: IT Industry Overview.
