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The 2014 St. Petersburg International Economic Forum
05/22/2014
After the Russian takeover of Crimea and increase in tensions on the border with Ukraine the mood at the 2014 St. Petersburg Economic Forum is different. Many western companies stayed away. Of German companies Metro, a German retailer, was the prominent one present and that too because of its 22,000 Russian employees, said its CEO. Former British cabinet minister Mandelson, described the situation as Putin's "self-inflicted wound." The Russian economy now faces three choices, each difficult and risky- to move closer to Asia, to depend on its own state banks and finances for development, or to continue attracting foreign investment even with western sanctions. Growth is slowing to 0.2% for 2014. At the same time Indian elections have led to a absolute majority for a foreign investment friendly government with experience in attracting foreign investment in western India. Foreign investment could shift in coming years from China, Russia, Turkey to India, Indonesia, Vietnam, Africa, and other investment friendly countries. In that situation China's tensions with Japan and Russia's tensions with U.S. and Europe may become counterproductive policies. Some foreign investment may even return to home regions with the yen's new level in Japan and lower energy/labor/transport costs in North America, and lower labor costs in Southern Europe.
Grouped Articles
Competing Visions for Russia’s Economic Future
New York Times 05.22.2014
New York Times 05.27.2014
Russia and Markets: The Power of Weakness
Wall Street Journal 08.12.2014
Russian Companies Clamor for Dollars to Repay Debt
Wall Street Journal 10.10.2014
Russia Introduces Measures to Calm Economic Jitters
New York Times 12.17.2014
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