Economic Annalysis Of Russian Federation A Decade After The Collapse

647 words - 3 pages

ECONOMIC ANNALYSIS OF RUSSIAN FEDERATION A decade after the collapse of the U.S.S.R., Russian Federation, while still struggling to establish a modern market economy and achieve sustainable economic growth, has just completed its third year of strong economic growth. Up until 1999, Russian GDP had contracted an estimated 43 percent from 1991, including a five percent drop in 1998, despite the country's wealth of natural resources, its well-educated population, and it?s diverse although increasingly dilapidated industrial base.By the end of 1997, inflation had been brought under control, the ruble was stabilized, and an ambitious privatization program had transferred thousands of former state owned enterprises to private ownership. Some important market-oriented laws were also passed, including a commercial code governing business relations and an arbitration court for resolving economic disputes. In 1998, as the Asian financial crisis spread its contagion through the developing world and oil prices dropped sharply, Russia's earnings from oil exports fell precipitously, and the government budget was in chaos.During 1999, world oil prices rebounded, and with much lower ruble costs, the Russian oil industry invested to ramp up production. Rising exports and energy-related investment helped the economy start growing again; GDP grew by 3.2 percent in 1999. In 2000, with oil prices hitting their peaks for this cycle, investment spending and export earnings strengthened further, powering the economy's growth at a torrid 8.3 percent annual rate.The government budget came in approximately in balance and Russia repaid an estimate US$17 billion in international debt, reducing the external debt to about US$135 billion by year-end 2001. While the Russian economy, with establishment of political stability under President Vladimir Putin and the unexpected aid of high oil prices, has made some big advances in the past three years, many problems remain on the path to sustained, diversified growth. At present, the economy is far too dependent on energy and energy...

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