Russia » Economics
Author`s name Dmitry Sudakov

Russia’s growing economic power troubles US intelligence

Michael McConnell, the Director of National Intelligence of the United States, has recently delivered his annual report to the Congress. In his speech McConnell pointed out the biggest threats to the national security. According to the report, the US intelligence is concerned about the economic strengthening of Russia, China and OPEC members. These countries can use their economic strengthening to gain political goals, the report said.

McConnell said that Russia was strengthening its economic power with the help of petrodollars. The official added that Russia was supposedly trying to take the entire system of energy supplies (from Europe to East Asia) under its control.

As for China, this Asian country tries to develop its growing economy and access to new markets, resources and technologies, McConnell’s report runs.

The US intelligence is greatly apprehensive about China’s growing military power. Beijing is constantly developing missile armaments and military space technologies, which will enable it to defeat the US military satellites in the future, the US official believes. In addition, China sells weapons to the Middle East. Perhaps, in terms of that McConnell said, the USA is going to defend Taiwan in case Beijing decides to solve the problem forcefully.

The report showed that the USA was greatly concerned about the world’s petroleum suppliers. Some of them, including Libya, Iran and Syria, try to receive income in foreign currencies against the background of the weak dollar.

“The fears about the weak dollar in the future may urge other petroleum suppliers to follow the example”, McConnell was quoted as saying.

Besides, the US intelligence made its own forecasts pertaining to Russia’s economic development. McConnell believes that the Russian economy will slowdown under the new administration as opposed to considerable progress achieved during Putin’s eight years in power.

He said that these slowdowns would come from the lingering effect of the institutional reforms, the real ruble rate and changes in the international economy. The official also said that demographic challenges and investment issues, especially in the energy industry, may put serious obstacles for the economic development in Russia.

Utro

Translated by Ksenia Bulygina
Pravda.ru