Economics in Russia:
Since the dissolve of the Soviet Union, there have been many changes to the Russian economy. The main change in the economy is the transition from an isolated and centrally controlled economy to a more “globally-integrated” economy (Expactica, 2010). Russia has made strides to be more globally involved and more competitive in the market-based world economy. During the 2008-2009 Global Economic Crisis, Russia was one of the countries that suffered the most.
More facts about Russia’s Economy:
· In 2009, Russia became the world’s largest exporter of oil and natural gas (Expactica, 2010)
· Russia is the 3rd largest exporter of steel and aluminum
· Because of the strong investment in “marketable” products, such as industrial materials, Russia has a “vulnerable boom and bust” cycles
· Since 2007, the Russian government has developed a program to decrease the cycles and increase the production and sales in high technology
· Russian Labor Force: Services: 58%, Industry: 37%, and Agriculture: 10%
· Unemployment Rate: 5.4% in January 2013 (The World Bank, 2013)
· Population below Poverty Level: 16% (as of November 2007)
· Agricultural Products from Russia: grain, sugar beets, sunflower seeds, vegetables, fruits, beef, and milk (Expactica, 2010)
· Exchange rate: Russian Roubles per US Dollar = -32
· High inflation at 7.1% in January 2013 (compared to 4.2% in January 2012) (The World Bank, 2013)
References:
Expatica Communications (2010). Russia facts: Economy. Expactica: Russia. Retrieved from: http://www.expatica.ru//essentials_moving_to/country_facts/Russia-facts_-Economy_15792.html
The World Bank Group (2013). Russian Federation: Russia Overview. The World Bank: Working for a world free of poverty. Retrieved from: http://www.worldbank.org/en/country/russia/overview
Since the dissolve of the Soviet Union, there have been many changes to the Russian economy. The main change in the economy is the transition from an isolated and centrally controlled economy to a more “globally-integrated” economy (Expactica, 2010). Russia has made strides to be more globally involved and more competitive in the market-based world economy. During the 2008-2009 Global Economic Crisis, Russia was one of the countries that suffered the most.
More facts about Russia’s Economy:
· In 2009, Russia became the world’s largest exporter of oil and natural gas (Expactica, 2010)
· Russia is the 3rd largest exporter of steel and aluminum
· Because of the strong investment in “marketable” products, such as industrial materials, Russia has a “vulnerable boom and bust” cycles
· Since 2007, the Russian government has developed a program to decrease the cycles and increase the production and sales in high technology
· Russian Labor Force: Services: 58%, Industry: 37%, and Agriculture: 10%
· Unemployment Rate: 5.4% in January 2013 (The World Bank, 2013)
· Population below Poverty Level: 16% (as of November 2007)
· Agricultural Products from Russia: grain, sugar beets, sunflower seeds, vegetables, fruits, beef, and milk (Expactica, 2010)
· Exchange rate: Russian Roubles per US Dollar = -32
· High inflation at 7.1% in January 2013 (compared to 4.2% in January 2012) (The World Bank, 2013)
References:
Expatica Communications (2010). Russia facts: Economy. Expactica: Russia. Retrieved from: http://www.expatica.ru//essentials_moving_to/country_facts/Russia-facts_-Economy_15792.html
The World Bank Group (2013). Russian Federation: Russia Overview. The World Bank: Working for a world free of poverty. Retrieved from: http://www.worldbank.org/en/country/russia/overview