Moving up the rankings of international financial centres would be good for employment in the sector in Moscow.
In the majority of cases these rankings, such as the Global Financial Centres Index produced by Z/Yen, are as much about the perceptions of those working in the financial sector as the reality of growth on the ground. A few years ago, for example, Dubai shot up the rankings, but a new sense of realism has seen it settle into 29th.
Moscow, however, is still languishing down in 65th place. Now, the Ministry for Economic Development is at least taking steps to address this. It intends to hire in external consultants to help improve the image of Russia’s capital city with the aim to propel it up these “fairly subjective” rankings.
In order to compete for higher ratings intelligently, we have to do research, identify individual indicators and see which ones are the most manageable. We want to hire a serious consultant, perhaps an international one, to perform a full-scale study,” said a ministry official.