Slide 1 | September 2012 | Economics: Discovering Russia Russias GDP has already exceeded what was observed in Soviet era, but the structure has changed, 1990 = 100% Source: State Statistics Service Consumption more than doubled over 20 years, while investments are almost half the Soviet figure
Slide 2 | September 2012 | Economics: Discovering Russia Среднегодовые темпы роста ВВП в гг. и доля инвестиций в ВВП (в 2011 г.) Source: Euromonitor International, МВФ, оценки авторов
Slide 3 | September 2012 | Economics: Discovering Russia Страны мира, у которых доля инвестиций в ВВП была выше российской, и ВВП на душу населения в этих странах (по данным на 2011 г.) Source: Euromonitor International, МВФ, оценки авторов
Slide 4 | September 2012 | Economics: Discovering Russia Страны мира, у которых доля инвестиций в ВВП была выше российской, и ВВП на душу населения в этих странах (по данным на 2011 г.) Source: Euromonitor International, МВФ, оценки авторов
Slide 5 | September 2012 | Economics: Discovering Russia Russia is returning to a more balanced model of economic development after several years of overheating: searching for an equilibrium The quality of investments is more important than the quantity: less is more Source: State Statistics Service, HSE, Troika estimates
Slide 6 | September 2012 | Economics: Discovering Russia The high investments/GDP ratio indicated that capital was growing fast amid diminishing returns The accumulation of capital was excessive during the Soviet era, 1960=100% Source: State Statistics Service, Troika estimates
Slide 7 | September 2012 | Economics: Discovering Russia Capital productivity was on the decline during the Soviet era Source: State Statistics Service, Troika estimates
Slide 8 | September 2012 | Economics: Discovering Russia US investment and GDP cycle: relatively efficient
Slide 9 | September 2012 | Economics: Discovering Russia Thailand: a volatile Russian-like cycle
Slide 10 | September 2012 | Economics: Discovering Russia Indonesia: another volatile Russian-like cycle
Slide 11 | September 2012 | Economics: Discovering Russia Finland: a successful transformation
Slide 12 | September 2012 | Economics: Discovering Russia China: signs of overheating