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Industrialized countries to become driving force of global economy

January 09, 2014, 12:24 UTC+3

However, Russia will not lose ground and will look properly as a minimum at the level of BRICS nations - Brazil, Russia, India, China and South Africa.

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This year’s first trading sessions on January 6 and January 8 once again confirmed dependence of Russia’s economy from external market conditions. Against the backdrop of their improvement indexes of the Moscow Interbank Currency Exchange (MICEX) and the Russian Trading System increased by 0.2-0.3 percent within first minutes of the trading session on January 8, the Rossiyskaya Gazeta daily reported.

New Year and Christmas holidays in Russia from January 1 to January 8 were interrupted for two days at Moscow Exchange to narrow a gap with international markets, the press service of Moscow Exchange told the governmental daily. On Wednesday, most European stock indexes, including those of Britain, Germany and France, were declining in expectation of new statistical data from the European zone and the United States. The International Monetary Fund’s current forecast estimates the global economic growth at 3.6 percent and emphasizes good prospects for the U.S. economy in 2014.

Rossiyskaya Gazeta experts say industrialized countries will become drivers of the global economy this year. However, Russia will not lose ground and will look properly as a minimum at the level of BRICS nations - Brazil, Russia, India, China and South Africa.

“It seems that this year only the United States and the European Union will become drivers of the growth,” president of the Moscow International Currency Association Alexei Mamontov said. All forecasts that China would soon surpass the United States’ economy by size were based only on projections of its latest good results into the future, he added.

“Economy of one and the same country cannot always grow. Soon accumulated bubbles of the Chinese economy may start bursting,” the expert said, adding that unlike the economy of China those of the United States and Europe proved very flexible. It has already become evident that in 2014 they will start getting out of the crisis.

It seems that industrialized countries would become the driving force that will pull all other countries. Russia should not pin hopes on other economies’ recovery, it should cultivate its own abilities, Mamontov said. For instance, it should work on improving protection of property rights. Another task is to develop initiative in small and medium businesses, especially in the generation of twenty year olds. Mamontov expressed confidence that entrepreneurial spirit could become a driver of Russia’s economic growth in the future.


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