Top 5 major economic events of 2011

As always, at the beginning of the year it was decided to sum up the results of the past year. And the financial and economic theme, of course, is one of the most vital, exciting minds not only of Russians. So, is the five most important economic events of 2011.


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At the very beginning of the year, there was an event that experts predicted over the past few years - in February 2011, China became the world's second largest economy,having removed this title from Japan, which held it for more than 40 years. However, this shock for the Japanese economy was not the last - in March, a devastating earthquake and tsunami, the markets of not only the Land of the Rising Sun, but also all world sites collapsed.


In August 2011, for the first time in history, the S & P rating agency lowered the sovereign credit rating of the US from the highest possible "AAA" to the level of "AA +".The world's largest economy completed the year not in the best way - the unemployment rate in the US stubbornly holds at a 17-year high.


Russia has not been left out of influence on global economic processes. In November 2011, commercial supplies of natural gas to Europe began in the first stage of the Nord Stream pipeline. The new route can significantly reduce the share of fuel transit through Ukraine. The strategic objectives of the project may entail significant changes in the European energy market - the phasing out of nuclear energy in favor of environmentally friendly combined-cycle power plants.


Another significant step by Russia in the international economic arena last year was the official admission to the World Trade Organization, the membership of which we have been seeking since 1993.WTO membership, which will actually begin in the summer of 2012, should attract additional investments to the Russian economy, increase trade with Europe, and promote the development of export-oriented industries.


Unconditional leaders in the releases of economic news in 2011 was the European financial crisis. In the debt hole were Greece, Ireland and Portugal, investors expressed negative forecasts for the economies of Spain and Italy. Governments of troubled Eurozone countries were forced to resort to a tight budget cuts policy. The October decision to increase the European Financial Stability Facility to 1 trillion euros was a failure. In November, the Greek Prime Minister, George Papandreou, resigns. Immediately after him followed the Italian Prime Minister Silvio Berlusconi.

Unfortunately, the IMF forecast for the current year is disappointing - the economy is threatened by a recession similar to the period of stagnation of the 1930s.

Against this backdrop, it is encouraging that the Russian contribution to the treasury of economic news of last year stands out with its positive prospects.