Bureaucratic Russia still enticing investors as growth defies more mature economies
The Russian economy has been growing rapidly throughout most of the 21st century. Until 2008, the country's GDP grew by 7% annually. The latest reports suggest that in the second part of 2012 economic growth slowed, and, while more muted growth is predicted, these rates remain significantly higher than those in more mature economies. However, Russia has not been moving forward as swiftly as some other larger developing economies, such as India and China. This is partly due to Russia's current excessive reliance on the oil and gas industry, which, despite the recent rapid growth of the domestic consumer sector and the general expansion of the economy, still accounts for most of the country's GDP.
Russia is now more business friendly – but investors still face hurdles, say Olga Revzina and Sergei Kushnarenko
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