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The Economy of Russia

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on 23 April 2014

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Transcript of The Economy of Russia


USSR
Transformation from a
centrally planned
to
market based
and
globally integrated economy
.
Privatization and market and trade liberalization
.
Shock Therapy
Russia - Katie, Urvashi, and Aparajita
The Soviet Union during 1991:
Policy of Glastnost
The Soviet economy wasn't doing well-it was on the brink of revolution
Command economy-economy was run by the government and it did not allow free enterprise
Other figures:
GDP Growth:-2.4% to 5%
Inflation: 14%
Unemployment: 1-2%
Total debt: $55 billion
Russia after 1991
Leone, Bruno, ed. The Collapse of the Soviet Union. San Diego: Greenhaven Press, Inc., 1999.
Freeze, Gregory L., ed. Russia: a history. New York: Oxford University Press, 1997.
https://www.fas.org/sgp/crs/row/RL34512.pdf
1998 Russian Financial Crisis
Inflation Rate reached 85.7%
Spending decreased from 18.2% of the GDP to 14.8%
https://economics.rabobank.com/publications/2013/september/the-russian-crisis-1998/
https://www.fas.org/sgp/crs/row/RL34512.pdf
http://www.brookings.edu/~/media/research/files/articles/2010/5/russia%20financial%20crisis%20gaddy/05_russia_financial_crisis_gaddy.pdf

Russia's Current GDP:
http://www.tradingeconomics.com/russia/gdp
GDP Growing Rate= < 1%
Economy Not in a Crisis, in a Stagnation

http://www.startribune.com/blogs/244326311.html
Unemployment Rate Trends
Rate Averaged 8.07% from 1993 to 2014
Record High: 14% Feb. 1999
Record Low: 4.9% Jan. 1993
Rate as of March 2014: 5.4%
Compared to U.S. unemployment rate: 6.7% March 2014
Income Inequality
http://on.rt.com/px7fw5
35% of Entire Country's Wealth Owned by 110 People
93.7% of Population's Wealth Measured Less than $10,000
So What is the Standard of Living Like?
Situational Factors that Have a "-" Impact on Russia's Economy
1. Too Much Reliance on Energy Export Market
2. High Government Corruption
3. Weakening Domestic Base
10 Years of Economic Growth
2008 Global Economic Crisis
Recession
http://www.roiw.org/1993/23.pdf
http://www.reuters.com/article/2014/04/03/us-russia-economy-gdp-idUSBREA320X420140403
http://www.theodora.com/wfb1991/soviet_union/soviet_union_economy.html
http://www.theodora.com/wfb/1991/rankings/inflation_rate_pct_1.html
http://www.theodora.com/wfb/1991/rankings/budget_expenditures_million_1.html
http://www.tradingeconomics.com/russia/unemployment-rate
http://www.imf.org
http://www.npr.org/templates/story/story.php?storyId=233472082
http://www.forbes.com/sites/kenrapoza/2013/01/24/russias-three-biggest-problems/
http://www.sevendots.com/wp-content/uploads/2013/01/Russia01.jp
Full transcript