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Russia At A Glance - Why Do You Need To Invest In Russia?
Russia is still an emerging market and the challenges are plenty. However, the
country's economic growth has been remarkable, with an average seven percent GDP growth backed by the favorable energy situation on the world markets, tighter government budget policy, and faster development of other key industry sectors, such as machinery, automotive, info-communication, construction and food processing. The Russian government introduced positive changes into the tax system; including a flat rate of 13% for personal income tax, reducing the corporate tax rate from 35% to 24%, and reducing the value-added tax (VAT) to 18%. Surpassing even some developed economies, Russia reduced its public debt to 13% of its GDP. Finally, Russia's evolving middle class creates a strong consumption wave that is a tremendous boost for the Russian economy.
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