Russia Retools After Crash

Glad to see that Russia is getting some positive attention, not just the endless criticism of the western media.

Eurasia News Online

Post-Oil Economy Takes Shape

By Olga Tanas

With none of the fanfare that greeted Saudi Arabia’s plan for the post-oil era, the Russian economy is quietly getting its biggest makeover under President Vladimir Putin. A trail left by crude’s collapse has turned up some unlikely survivors and even industries that found a way to prosper as the broader economy burned.

“New drivers for growth have already appeared in the economy — agriculture, chemicals, the food industry, domestic tourism,” Deputy Finance Minister Maxim Oreshkin said in an interview on Monday. “They haven’t yet made up for a drop in non-tradable sectors, which was a one-off and structural.”

Russia’s famously boom-and-bust economy is already turning heads. A contraction in the first quarter was less than all but one forecast in a Bloomberg survey, meaning the nation’s longest recession in two decades may end as soon as next quarter. The 1.2 percent drop

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