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Russia falls behind other BRICs nations

Posted: 08 Jun 2011 ?? ?Print Version ?Bookmark and Share

Keywords:world economy? market powers? emerging markets?

A new report from the World Economic forum stated that Russia has the potential to grow at similar levels to the other BRICs, provided it takes policy action to raise competitiveness.

BRICS nations are countries that represent 40 percent of the total world population, which include Brazil, Russia, India and China. According to the International Monetary Fund, these countries represent a powerful bloc of nations with emerging markets that would make up for approximately 61 percent of global growth by 2013. They are predicted to collectively equal the U.S. economy by 2020.

Over the past year, Russia's productivity has been stagnating and its three key assets, the educated workforce, natural resources, favorable geographical location combined with an important market size could thus not be capitalized upon, according to the just released "The Russia Competitiveness Report 2011."

Russia, which has been falling behind the emerging economies of China, India and Brazil, needs to, among other things, transfer knowledge and experience to hi-tech innovation thru the country's availability of human capital and strong R&D capacities.

To a certain extent the Rusnano venture in Skolkovo and recent deals with Western businesses have placed Russia on the needed path.

"This report offers Russian policy-makers and business leaders an important tool in the formulation of improved economic policies and institutional reforms," says Klaus Schwab, founder and executive chairman of the World Economic Forum.

- Nicolas Mokhoff
??EE Times

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