Despite improving oil prices, Russia’s economic growth is slowing, with GDP rise for the third quarter at 1.8 percent on an annual basis, versus 2.5 percent for the second quarter, Russia’s state statistical bureau, Rosstat, said earlier this week. Analysts say it’s the latest indication that Russia’s economy needs major reforms. Let’s state the obvious: Russia needs an economy overhaul that will reduce the contribution of oil to its budget revenues. This overhaul is something that the central bank governor Elvira Nabiulina put a price tag on last year, warning that without it, GDP won’t be able to grow at a rate of more than two percent even if oil prices jump to $100 a barrel. There is ongoing work on that overhaul, but it needs to speed up. Even so, analysts have points to make regarding that Q3 figure, and these notes aren’t about oil. For starters, Capital […]