- Ostexperte.de, translated from German by Tom Winter -
Ernst & Young: Trust in Russia's economy at two-year high
71% of companies expect an improvement in the economic situation in Russia. This is reported by the daily Izvestia, citing a study by the auditing firm Ernst & Young.
In the course of the study, the British auditor Ernst & Young interviewed over 2,300 managers from 45 countries in March and April 2017 about their view of economic development. 50% of the interviewees were from top positions (CEO, CFO). The trust barometer determined by Ernst & Young for Russia has reached a two-year mark, according to Kommersant.
Top managers of large and medium-sized companies in Russia were surveyed. While the approval about growth in Russia is quite high at 71%, only 56% of Russian entrepreneurs believe in an increase in global economic growth.
The optimism could be related to the improved macroeconomic situation. The business situation offers prospects for new mergers and acquisitions.
Oil, the ruble rate, and sanctions
In April 2016, the auditing form conducted the same survey among Russian managers. The mood then was rather pessimistic. Only 3% of respondents expected Russia's economy to recover. Moreover, in 2016, only 27% of Russian managers believed in an increase in the global economy.
According to Alexei Ivanov, CIS director of Ernst & Young, a majority of the respondents expect a stabilization of the economic and political situation in Russia. This opinion also applies to the dynamism of the oil price and the ruble rate, the expert explained. In addition, most companies adapted to the Western sanctions.
Recently, the business association "Opora Rossii" conducted a manager survey among Russian SMEs. In the second half of 2016, confidence in the Russian economy reached a two-year mark. This corresponds to the positive study by Ernst & Young. Association leader Alexander Kalinin spoke of a "fragmented" optimism: depending on the industry, there are different perspectives.
Note: In addition to Deloitte, PwC and KPMG, the auditing firm Ernst & Young is one of the "Big Four". The Russian audit firm Rusaudit and Rosexpertisa want to merge to put the foreign market leaders under pressure.
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