fbpx

Today in Russian Business – May 27, 2009

In a meeting with Russian businessmen, Dmitry Medvedev has lambasted ministers who make gloomy economic forecasts. ‘When my colleagues from the government say that Russia will not come out of the crisis for another 50 years, it is unacceptable. If you think so – go and work somewhere else’.  Nonetheless, Deputy Economic Development Minister Andrei Klepach has said that Russia’s economy could shrink as much as 8% this year after dropping 9.8% in the first four months of 2009.   Reuters reports that Russia’s recession this year may be 50% deeper than during the 1998 crisis.  Picketing outside the Economic Development Ministry on national Entrepreneur Day, small business owners complained they are not supported enough by government measures.  The Moscow Times reports on Nizhny Novgorod, the car and bus manufacturing hub, beaten by the crisis but trying to attract investors.  Nearly 2% of Facebook has been bought by Moscow’s Digital Sky Technologies, controlled by Yuri Milner, the Russian internet entrepreneur.  Reuters has a factbox on the debts of Russia’s oligarchs.