A lot can happen in a decade, fashions change, music shifts and countries such as Russia expand, sending related investments and exchange traded funds (ETFs) up.
Although the U.S. is hurting from high oil prices, Russia is celebrating, as soaring oil prices, mixed with a global demand for raw materials have grown Russia’s middle class and put the country into a 10-year economic boom, reports Trang Ho for Investor’s Business Daily.
Economists are forecasting a 6.5% GDP growth for 2008, while the government is anticipating 7.6%. GDP expanded 7.6% in 2007 to $1.7 trillion. Russia is in the midst of a 10-year economic expansion and could be one of the world’s top economies by 2020. The middle class continues to expand, and personal incomes have risen more than 12% per year, giving consumers more disposable income.