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Today in Russian Business – Nov 11, 2009

Both EBRD and the World Bank have weighed in on Russia’s economy, with the former criticizing an over-reliance on natural resources and centralization, and the latter advising the implementation of a reasonable budget policy and a new plan to diversify and attract investment. The World Bank has forecasted a ‘very weak‘ recovery for the Russian economy, with a growth prediction for next year of just 3.2%. It seems that neither Renault nor the Russian government are prepared to take the steps necessary to rescue AvtoVAZ. Russia is working on a series of new agreements to team up with Venezuela in various technology industries. The rouble has become the best performing major currency against the dollar since the start of September, but the central bank has warned of possible fluctuations.