Morgan Stanley optimistic about Russia's economic growth

08:27, June 04, 2010      

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Russia's economy is expected to be among the fastest-growing in the world this year despite trailing rivals in foreign investment, Morgan Stanley chairman said Thursday ahead of an International Economic Forum in St. Petersburg.

"Our expectation is that the fastest rates of economic growth this year are expected in China, India, Brazil and Russia (BRIC)," John Mack said, adding that Russia has yet to overcome foreign investors' wariness, according to RIA Novosti news agency.

"Russia still has a very strong balance sheet and low overall leverage, which remain key advantages for the country. However, it continues to lag in investment due to the volatile macro environment and weak property rights," Mack said.

"We will discuss how the BRIC economies -- and in particular Russia -- can play an important role in becoming drivers for global economic growth in the medium term," he added.

St. Petersburg International Economic Forum will be held on June 17-19 under the slogan "Laying the Foundation for the Future."

There are a number of important initiatives that will be discussed at the forum that could help to ensure that Russia remains a destination for global investment and stays on a path to long-term sustainable growth, Mack said.

"It also is an opportunity for Russia to showcase its achievements and the outlook for investment and the Russian economy," he added.



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