What This Year’s Roscongress Means for Russia
Roscongress and the Economy of Tomorrow
It’s time for the annual St. Petersburg International Economic Forum, or Roscongress as it’s better known. As one of the largest economic summits in the world, Roscongress in an opportunity for world financial leaders to learn about the economic opportunities in Russia. The oil-rich nation is facing a slew of challenges as the price of oil continues to dip worldwide. By presenting itself as a hotbed of economic opportunity, the country is looking attract new forms of revenue, including a wealth of new jobs in technology. But the future of Russia’s economy isn’t quite clear. The U.S. Congress is hoping to unleash a new batch of sanctions on top Russian officials as retaliation for Russian meddling in the 2016 presidential election. With all these issues at the fore, the 2017 Roscongress should be anything but boring.
The Russian Economy without Oil
Russia, as with so many other oil-rich nations, is struggling to regain its financial footing on the world stage. With its nest egg of oil dwindling in value, the country is hard-pressed to find other ways of generating income. Most of the world’s economic leaders agree, the economy of the future will largely be online. The technology sector is one of the fastest growing job markets in the world, but are there enough tech jobs to go around? That’s the question on everyone’s mind at this year’s Roscongress.
The Russians are trying to entice international business leaders by establishing what’s known as the Russian House, the official Russian residence of the Swiss Alps in the small town of Davos. Here, world leaders and venture capitalists are encouraged to learn about the many benefits of doing business in Russia. As much as the Russians would love a flood of new investments in the technology sphere, that scenario isn’t exactly assured. Russia will have to compete with other nations for the jobs of the future, including China, India, as well as the Western World.
The Winds of Retribution
This year’s Roscongress is unfolding at a time when U.S.-Russian relations are on the brink of collapse. Congress is hoping to pass new sanctions against Russia in retaliation for meddling in the 2016 U.S. presidential election. But the U.S. is not alone. Russia has been caught meddling in elections all over Europe. As the world gathers to discuss Russia’s economic future, many world leaders will see the country as anything but hospitable.
It’s not clear what the Russian economy will look like in the years to come. Despite these many challenges, Russian President Vladimir Putin isn’t going down without a fight.