The increasing budget deficit may badly undermine and destabilise the national economy for years ahead, Alan Greenspan, US Federal Reserve Board chief, said in a public statement yesterday-a warning he had made on several previous occasions, too.
"The US economy and currency have a global scope. So whatever change in America, especially if it is a change to the worse, is fated to echo in many other countries-but I don't think current economic developments in the USA will have a direct impact on Russian," says Vassili Zavarayev, expert of the Russian-based BrokerCreditService Co.
Unlike Europe, China or Japan, Russia does not depend on American consumers. That means it will develop on patterns unlike the whole world's, says Erild Eide, head assets manager for the RAB Capital investment company. He sees Russia's unique ways as its principal benefit.
US budget problems will not influence the Russian economy, Alexander Razuvayev, MegaTrustOil Co. expert, joins in.
"The Russian economy has been very strong and dynamic within the four preceding years. Instability of the late 1900s gave way to spectacular improvements on all social and economic indices without exception. A painful shift from an agonising planned economy to natural patterns is over. Now, Russia is facing a choice of long-term economic developmental patterns, with due account for available resources and hazards." Mr. Razuvayev expects Iraqi instability to persist for long, and so preserve a major war premium in petroleum prices-much to Russia's benefit.
