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Declining growth characterizes all emerging markets. High reserves in Russia and Brazil separate the two countries from Argentina and Turkey where foreign exchange reserves are insufficient to prevent sharp declines in the currrency. Russia also has a low budget deficit. The foreign investment climate in Russia and India has deteriorated reducing capital inflows for modernizing the economy in India and diversifying the economy in Russia.
Red Alert on Russia Is Premature
Wall Street Journal 02/03/2014
Russia Is Facing Stagflation, Central Banker Says
Wall Street Journal 01/17/2014
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