World Economic Forum Moscow Meeting
Moscow, Russian Federation 14 October 2012
Russia is on the brink of a significant transformation. After 10 years of economic growth, Russia experienced a recession in late 2008 and early 2009, with growth resuming in late 2009 and 2010. Despite the brief but deep recession, the Russian economy, unlike much of Europe, has not been as seriously affected by the global financial crisis. However, to attain Russia’s aspirations in a new global context will require bold and actionable ideas, as well as strong leadership directed towards building trust and transparency.
In 2011, Russia’s GDP grew by 4.2%, the world’s third highest growth rate among leading economies. The government expects 3.7% growth in 2012. Russia’s economy is the world’s ninth largest by nominal value and the sixth largest by purchasing power. Moscow is one of the world’s megacities and financial hubs, attracting the global business community, and, as of 2011, has the highest billionaire population of any city in the world.
Since the elections in March this year, Russia must continue to modernize its economy and implement economic and social reforms. Immediate priorities include: making the bureaucracy leaner, more efficient and transparent; diversifying an economy heavily dependent on the energy sector; and developing an independent media, civil society and business community to secure sustainable and equitable economic development.
In 2012, Russia will take on the presidency of the G20 and accede to the World Trade Organization (WTO). In 2014, it will chair the G8 and host the Winter Olympic Games. The 2012 World Economic Forum Moscow Meeting will be an unparalleled opportunity to examine and help shape the direction Russia will take over the next few years.
For further information, please write to: Russia@weforum.org