Apropos my post about Russian capital flight, in the first four months of 2011, capital leaving the country has totaled $30 billion:
The net outflow of private capital, which started to pick up pace last year, amounted to about $30 billion in the first four months of 2011. “That is a very large figure,” Sergei Ignatyev, chairman of the Central Bank of Russia, told a banking conference Thursday.
And that may represent only about half the actual flight, with the rest coming in informal and illegal transfers.
Large, indeed. That’s about the total flight in 2010. I say again: in the first 4 months of 2011, capital flight has equaled or topped its 2010 total.
It is especially large given that fundamentals–the price of oil, particularly–should favor hot money inflows. And given that other emerging markets and commodity economies have seen inflows. I imagine that a rigorous econometric adjustment for these factors would mean that the outflows are pretty much off the charts.
Not exactly the kind of development that will lead to a doubling of GDP, per capita or otherwise. A testament to the corrosive impact of Putinism, and the prospect for 12 more years of it.