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World Bank lowers Russian growth forecast
Published: 16 June, 2010, 18:30
Edited: 21 June, 2010, 10:15
The World Bank has lowered its forecast for Russian economic growth in 2010 to 4.5% from the 5.5% predicted earlier.
The Economist´s "The World in 2010" forecasted for Russia a 2.5% GDP growth while the last number of The Economist Magazine (June) forecasts a 4.8% GDP growth for Russia in 2010...so that means +2.3 over the first forecast...while the change for most countries in the World (China, Germany, Japan, U.S.) is about - 1%. So the difference is one of the most positive in the World.
Enrique, Absolutely, Russia is actually doing well, given the world financial situation So what is the game of the World Bank. Well simple, to work hand in glove with the fraud rating agencies. To perpetuate their skewed payed for view of the world. So the World bank has to come up with a negative view of Russia and other western targets, regardless how well we are doing, whilst maintaing a positive view on their friends. So we get say a UK sadled in debt, struggling like hell, being talked up - "they are taking the right course of action, or things are looking positive with the right spending controls" to keep the AAA whilst Russia et al. are sadled with lower ratings, no matter what the underlying fundamental figures are. Basically the world bank is actually playing the insane derivative markets itself, with a 'spin future' to support the rating agencies in their payed role. What we need is a published list clearly visible of how correct their estimates were, with sackings of their economists and a negative rating shown of the world bank if they are wrong, not just allow them to play with no accounatbility. Because at the moment they do what they like, in bed with the rating agencies and the rest of the financial elite. There is no comback for the fraudulent spin they feed into the markets on a regular basis. We should be asking in G20 for control on Rating agencies procedures, making them objective,open and devoid of spin, and also the creation of legal accountability for forecasts by market affecting bodies.
You have to laugh at the world bank - How to generate a negative Russian view a la world bank style. 1. If a parameter looks good, say a growth of +4% while your western economies are going south at an extreme rate of knots say -3% 2. Then 'estimate' (publicise for effect, short term) Russian growth of say +6% then western growth of -5% 3. Then shortly after, revise the 'estimates' - hey Presto Russia is doing badly as they move down -2% and the west is looking up at +2%. I see the spin swallowers open up and gagging on that! Don't you just love these Banksters! What about the better analysis, that the world bank is a bankster!