Counting the Cost
Russia's economy: A new dawn?
As Russia has become the newest member of the World Trade Organisation, we look at the country's economic challenges.
Last Modified: 26 Aug 2012 08:26

Russia has just become the newest member of the World Trade Organisation (WTO), but will that come at the expense of jobs and plant closures? Or is this a new dawn for the Russian economy?

It is a fascinating economy in its own right because of its size, its important exports, and its political stance and influence. Russia straddles so many different regions and alliances that it can be affected by a lot more of what is happening in the world - Europe included.

Although it remains the world's ninth largest economy worth $1,9 trillion, it does not necessarily have an assured future. The International Monetary Fund (IMF) has warned that Russia needs deep reforms to get the best out of its growth potential.

It is predicting 4,5 per cent growth this year, but growth is expected to slide to 3,9 per cent in 2013 - which is still good compared to neighbouring European countries, but no-one likes growth to be slipping.

So what sort of effect will the admission to the World Trade Organisation have on Russia?

Counting the Cost speaks to Kirill Dmitriev, the chief executive of the $10bn Russian Direct Investment Fund about the future of Russia's economy.

La Liga

Last week on the show, we had a story about the state of La Liga, the Spanish football league, with its mounting debts, unpaid taxes and disgruntled players.

On top of that, there is an argument over revenues from TV rights.

Right now, Barcelona and Real Madrid get over 50 per cent of the money for the league as a whole, which has left clubs like Sevilla FC to lead the charge for a fairer distribution of rights money.

Just in time for kick-off Spanish football reaches a new TV deal - after the players threatened to strike.

We speak to Jose Maria del Nido, the president of Sevilla FC.

Indonesia: Up in the air

Aviation in Indonesia is already known for its poor safety record, with 113 fatal crashes since the first one back in 1950, but now there is the problem of who will fly the planes.

Indonesia's aviation industry is booming, with annual passenger traffic growing by 15 per cent across the country's 57 airlines - that includes charter services.

Flying all those planes are around 7,000 pilots, but there is a new worrying trend: More pilots are having shorter training times, and there are about 800 jobs that need to be filled each year. Flight schools admit there is a lack of experience and experts worry that the relatively short training will give pilots not enough experience to handle emergency situations.

So, are the airlines or the government worried? And what can be done to solve the problem?

Watch each week at the following times GMT: Friday: 2230; Saturday: 0930; Sunday: 0330; Monday: 1630. Click here for more Counting the Cost.

Follow Kamahl Santamaria @KamahlAJE and business editor Abid Ali @abidoliverali


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