Russian economy one of the fastest-growing in the world
Russia’s GDP growth was upgraded twice – to an impressive rate of 6.9% – so Russia remains one of the fastest-growing economies in the world. Inflation was down from 10.9% in 2005, to less than 9% in 2006.
As for national currency, the ruble/dollar rate is at its lowest in 8 years, with the ruble appreciating around 9%. Analysts expected a rate of 25 rubles to the U.S. dollar by the end of the year. This was achieved.
Russia’s stabilization fund has accumulated more than $US80 BLN dollars. It is still used as a tool to prevent excess inflow of petrodollars from harming the economy.
As for 2007, most analysts expect a slowdown of growth, and oil prices will remain the most important factor to watch.