El notes

Once considered one of the fastest developing countries, Russia was on a par with Brazil, China and India due to the Bank Economist at Goldman Sachs, Jim O’Neill (Jim O’Neill), who first used the acronym BRIC for these countries.

Last year, Russia’s economy has shrunk by more than 8% against decrease in revenues from oil exports caused by the reduction in the cost of raw materials.

Recovery economy is not far off, but in the long term problems in Russia will remain the same, says Roubini.

«Last year there was an accident, the collapse of economic activity, a recession. Now we see the beginning of recovery, which is good “, – told the Economist in an interview with CNBC. “The main problem is the long-term future of the country”, – he added.

Russia’s GDP, which in 2008 amounted to $1.7 trillion. because of the crisis, fell to $1.2 trillion . Meanwhile, China’s economy grew last year by about 9%.

Critics explain the deteriorating economic situation of excessive dependence on oil and gas exports, and low industrial development, technology and infrastructure.

«I think that is the problem of political economy”, – says Rubin. “The situation will not change until at least until another crisis or a collapse in oil prices or a shift in power that will lead to a radical change in economic regime” – he adds.

But while oil prices remain at a high level of motivation to change is not expected in the “foreseeable future”, and the current government is not strong enough to initiate reforms, believes Nouriel Roubini.

«I I do not think they have the power to cause change in policy, which will go contrary to influential circles “- summed up the economist.

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