Vladimir V. Putin through his leadership and the Russians oil & gas Gazprom, transformed Russian position from the bankrupt state inherited under Yeltsin, to one of the most awesome economic recovery ever, post 1998 financial crisis. Until October 2007, Putin maintained impressive fiscal discipline with budget surpluses every year from 2000. Between 2000-2008, Russias economy saw the nominal Gross Domestic Product (GDP) double, climbing from 22nd to 11th largest in the world. The economy made real gains of an average 7% per year, making it the 6th largest economy in the world in GDP. In 2007, Russias GDP exceeded that of 1990, meaning it has overcome the devastating consequences of the recession in the 1990s. Other nations, for example, like my country Malaysia who ruled by UMNO coalitions (Mahathir-Abdullah-Najib triumvirate), crippled, crumbled, and never genuinely recover from the 1998 financial crisis. (Take note that Im not a fan of both political parties in Malaysia) The recent Bank Negara Malaysia report for 3rd Quarter 2012 reveals that the Malaysians government has officially breached or exceeded the 55% federal debt ceiling or legal limit to Gross Domestic Product (GDP) ratio. Our nation also holds the worrying record of the highest household debt in the Asian region. My citizens and peers in Malaysia occasionally cheers up the petty domestic politics, but never wanted to study and learn the solid economic recovery like Putin did. Others talk, but Putin acts. Raja Noor Izzuddin was MBA gradate in International Business from Putra Business School, Malaysia. He had an exposure in the oil & gas, banking, and the management consulting industry. Currently he served as the strategy advisor to the Chief Operating Officer in one of the emerging upstream oil & gas company in Malaysia. Source: An Assessment of Putins Economic Policy, by Anders Aslund, Peterson Institute for International Economics, July 2008 en.wikipedia.org/wiki/Economy_of_Russia#cite_note-iie-40 bnm.gov.my/index.php?ch=statistic_nsdp
Posted on: Sat, 10 May 2014 14:54:29 +0000
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