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ArtikelA Chance to Get Down to Business; Russia's Economy and the World Trade Organisations  
Oleh: [s.n]
Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist ( vol. 404 no. 8793 (Jul. 2012), page 11-12.
Topik: International Trade; Economic Policy; Corruption; Politics
  • Perpustakaan Pusat (Semanggi)
    • Nomor Panggil: EE29.72
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Isi artikelFor China, joining the World Trade Organisation in 2001 was a landmark on the way to becoming a global economic powerhouse. Could WTO membership do the same for Russia? This week, after 18 years of dithering and doubts, the Duma (the lower house of parliament) voted to ratify WTO entry, in principle guaranteeing Russian products access to world markets. With Brazil, India and China already members, Russia will soon become the final BRIC in the global-trade club. This offers the country a fresh chance at industrial modernisation after two decades which started with chaotic reform and ended with spiralling corruption--and were marked throughout by perilous dependence on extractive industries. Russia urgently needs a more diversified economy. Strong energy revenues have given it expensive tastes (eg, more defence spending). The budget deficit, excluding hydrocarbon revenues, has soared from 2% in 2007 to 10% in 2011. The government now needs oil to be above $110 a barrel to balance its books; it has slipped below $100. Russia's gas-export revenues are already under threat from the world gas glut caused by the success of new "fracking" technology. New sources of oil compound the trouble.
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