In a surprise move, Russia’s State owned Sberbank, the successor of the Soviet Sberbank, coined a new acronym BRUK, as a substitute for the well known acronym BRIC.  The known acronym coined a few years back by Goldman Sachs consists of the growth economies of Brazil, Russia, India and China.  The new one consists of Belarus, Russia, Ukraine and Kazakhstan, who apparently have similar economies, and adopt similar economic policies.  The Russian’s admit that they don’t expect to see an easy road to economic reforms in these countries, but that these countries will be subject to close integration with Russia.  However the Sbebank economists did admit that the existence of this new union was doubtful.  Regardless the brains behind the idea did say that expect Ukraine will see 6% growth and inflation at or below 9% in 2011. 

UkrAgroConsult