--- Doug Henwood <dhenwood at panix.com> wrote:
>
>
> Everywhere, or just in Moscow?
>
Much more so in Moscow than elsewhere, of course, but elsewhere as well.
> Sounds like all that stuff is imported, not of
> domestic manufacture.
> So Russia is trading oil for consumer goods and not
> investing much.
> You can't sustain 7% growth rates on that forever.
>
That stuff is not all imported. Luxury goods are imported. Russia's domestic market (electronic goods excluded) is mostly supplied by Russian companies.
This is not a comment relating to macroeconomic issues, as I don't know enough about them. I do not contest that oil plays a large role, as that would be silly. It would be equally silly to say that it is the entire story.
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