ITE head claims Russia moving out of recession
01-Oct-10by Annie Byrne
The worst of the recession is over and the international exhibition market is regaining strength, says ITE Group CEO Russell Taylor.“We feel we are out of the recession,” Taylor told EN. “Our businesses in Kazakhstan, Uzbekistan and St Petersburg have been slightly slow to respond, but are beginning to turn and are now running about nine months behind Moscow.“The big picture is, exhibitions are late cycle so they tend to react a little bit late in the economic trend.”ITE’s Russian events include the Moscow International Motor Show and Worldfood Moscow, which both grew by around a quarter last year, while its UK fashion event Moda increased its space by 21 per cent year-on-year.Taylor’s only concern for the Russian market is the economy’s dependence on oil prices, and if prices drop in the fossil-fuel energy sector, then the effects would likely be felt throughout the region. ITE runs several shows in the oil and gas sector.“Russia is dependent on oil prices, so the only block to the recovery of the Russian market is this talk of a double-dip recession,” he commented.