Wednesday, July 22, 2009

Russia's Economic Woes

This video segment (below) recently aired on PBS's NewsHour. It summarizes Russia's current economic misfortunes. Owing largely to falling energy prices and a lack of diversification, the heady days of the Putin prosperity seem to have ended as the nation experiences record high inflation and unemployment rates. Is government reform the answer?

Here are a few quotes you will hear in the video:
"We used to work two or three shifts and on Saturdays, also. Now we work only two to four days a week. My job pays only half as much as it used to. But when you're older than 50, it's hard to get a new job." - Alexei Koverigina, Russian worker

"That's just an issue of the diversifying the Russian economy, which should not rely only upon the gas, oil and metals. It should be modern type of economy based on the unique human capital which we have in the country." - Anatoly Chubais, CEO, Russian Corporation of Nanotechnologies

"Current government simply thinks that sooner or later those smart guys in U.S. and Western Europe will do something with the whole situation in the world and oil prices will come back on the same levels. And this government will continue to do nothing, not pursuing any single reform." - Mikhail Kasyanov, Former Prime Minister
And here is the segment:

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