On the road to reform (TT Oct03 p42-44)

While there are many positive signs in the reforms in Russia, the country has yet to undergo the changes that will improve its investment climate and make it more attractive to investors. In this article, we shall consider the issues on a macro- and microeconomic level. During the past few years Russia seems to have recovered from the financial and political crisis that shook the country in the middle of August 1998. The rumours about a new crisis, typical for the month of August, have intensified again, but this time without any solid reason. Indeed, the country has something to be proud of. The consequences of the 1998 economic crash are almost overcome, and the prospects for further developments are bullish.