New paper: is Russia still a BRIC?

Good news, in its Nov-Dec 2012 issue Challenge  publishes my analysis on Russia’s economic diversification potential.

In the paper entitled “Is Russia Still a BRIC?  Some Observations on the Economy and Its Potential for Diversification” I try to raise a balanced optimism commenting on growth in new local sectors/firms, the so-called “gazelles” as referred to in the Russian media, that specifically focus on domestic demand. Certainly macroeconomic challenges persist, but this internal change, that is difficult to sense from outside, may be a significant game changer in the medium term as oil revenues are forecast to decline for several reasons.

The issue of Russia’s economic diversification is rather complex. And so far the media and some current economic analysis have focused on extremes of either make it or not. By going through key macro and industry trends in this paper, I hope to raise a somewhat balanced approach to studying this problem.

This is just one possible view on the question, so please check out the piece and share your comments. The article can be found at: