Constantin Gurdgiev — Russian Exports & Trade Balance for July

This contraction will be taken as evidence of a sharp downturn in the Russian economy, whereas it can also be taken as an indication that Russia is committed to developing a self-sufficient economy rather than one dependent on exporting extraction and importing resources and products that can be produced domestically. That is to say, Russia is moving way from an economy infected with Dutch disease and import dependence by diversifying the economy and import substitution. From this perspective, the figures are an indication of successful rebalancing in accordance with previously stated plans.

Using an MMT approach, this process could be greatly facilitated fiscally now that Russia is floating the ruble.

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12/9/15: Russian Exports & Trade Balance for July
Constantin Gurdgiev