James Rogers
James Rogers, who we last heard of declaring that "Britain is unquestionably the second most powerful country in the world" now writes (in an article that reminded me of the old story that Berwick upon Tweed was once at war with Russia) that:[Russia] has an economy little larger than a European city like Paris or London
How can a man with so many academic qualifications be so ill-informed? I thnk that might have almost been true of GDP statistics about a decade ago, when the economy was at rock bottom and the rouble undervalued. But even then the comparision would have needed some explanation. Today, it's far from the truth. As of 2006 the IMF estimates that Russian GDP was $975bn, with UK $2.4 trillion. This makes London's GDP about $400bn, ie just over 40% of Russia's. For 2007 the estimate for Russia is nearly $200bn more, for London just $20bn. That mean's Russia's economy is not 'a little larger', it's a lot larger. PPP estimates, which have at least as good a claim to accuracy in this (and often a better guide to the future) are $1.7trn to $1.9trn, making London about $320bn, or 1/5th the size of Russia.
Labels: Decent Left, defence, economics
posted by Matthew @ 2/22/2007 10:19:00 PM
Comments: 0
