"Russia is enjoying economic renaissance now. Its export grows twenty nine per cent a year and contributes the growth of GDP. Its income level has risen threefold since 2002 and the economy is likely to grow one trillion dollar."Grant Felgenhauer who operates Russian stock fund loudly proclaims. Speaking of Russia, it reminds me of the serious 1998 economic crisis. What is the driving force of Russia's miracle economic development? "There really is no better way to say it than the jump in oil prices. As Russia is the second largest oil-producing country and there's no control by OPEC, exports have been expanding. Domestic real estate prices are surging and you can see many luxury imported cars in Moscow. It's like Japan in late 80s." says Grant. If Russia depends on oil so deep, can drop of oil prices cause considerable damage to its economy? "As long as oil prices do not below twenty dollars per barrel, we keep trade surplus and foreign currency reserves does not decrease. Russian government set up Oil Price Stabilization Fund of eighty billion dollars by using money gained in export taxation. Russian oil and gas companies assume lower oil prices. So, PER of Russian stocks are still bargain." says Grant. (本多)
これが添削後の英文です。↓ ---------------------------------------------------------------------- Grant Felgenhauer, who operates a Russian stock fund, proudly proclaims that "Russia is enjoying an economic renaissance now. Its exports are growing twenty nine per cent a year and contributes to the growth of the GDP. Its income level has risen threefold since 2002 and the economy is likely to grow by one trillion dollars."
Speaking of Russia, it reminds me of the serious 1998 economic crisis. What is the driving force of Russia's miracle economic development?
"There really is no better way to say it than the jump in oil prices. As Russia is the second largest oil-producing country and there's no control by OPEC, exports have been expanding. Domestic real estate prices are surging and you can see many luxury imported cars in Moscow. It's like Japan in the late 80s." says Grant.
If Russia depends on oil so much, can a drop of oil prices cause considerable damage to its economy?
"As long as oil prices do not drop below twenty dollars per barrel, we will keep a trade surplus and foreign currency reserves will not decrease. The Russian government set up an Oil Price Stabilization Fund of eighty billion dollars by using money gained in export taxation. Russian oil and gas companies assume lower oil prices. So, PER of Russian stocks are still a bargain." says Grant.
--- Better to start with Grant Felgenhauer. (peter)
"NHKラジオ ビジネス英会話 Writers' Workshop 3月号, 2007"
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