First-half results are arriving, presenting many countries with shocking declines, but the record is quite varied. Whatever standard we choose, Russia is underperforming.
The country’s natural comparison is with the BRIC countries — Brazil, Russia, India and China. According to JP Morgan’s current forecast, this year the gross domestic product of China is expected to grow by 8.4 percent, India — 6.2 percent, while that of Brazil is expected to shrink by 1.0 percent, and Russia — 8.5 percent. During the first half of 2009, China and India have been forging ahead, while Russia’s GDP plunged by 10 percent.
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