Much has changed for the better in Russia’s economy since the dark days of August 1998 when it devalued its rouble and defaulted on government bonds. Observers say Russia is now in the midst of a radical economic turnaround.
Lower costs and wealthier Russian consumers have helped foreign investment blossom, observers report.
Still, the country remains poor by western standards and people who are 50 or older who are relics of the communist system are often unable to adjust to the new realities.
But those in their 20s and 30s have better work habits and are eager to learn new skills.
Source: Paul Katzeff, Basket Case Now a Breadbasket: Putin’s Crew Transforms Russia, Investor’s Business Daily, April 11, 2002.
For more on Russia http://www.ncpa.org/iss/int
FMF Policy Bulletin\17 April 2002
