Money Matters - Simplified

World Bank: Russian expectations too high

Moscow -- A World Bank economist in Moscow said Russia should downgrade its expectations about becoming a top-shelf financial hub.

Economist Lucio Vinhas de Souza said Thursday that foreign investors were focused on investments in Brazil, India and China, despite the diverse economy Russia has to offer, RIA Novosti reported.

He said Russia should focus on its role as a regional financial center, not as a global center.

The primary allure of investments in Brazil, India and China -- the three others in the so-called emerging BRIC countries -- a market acronym that includes Russia -- was the growth potential far outstrips Russia's, he said.

Copyright 2010 United Press International, Inc. (UPI).

No votes yet