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The Economy of Russia
Transcript of The Economy of Russia
Transformation from a
globally integrated economy
Privatization and market and trade liberalization
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
GDP Growth:-2.4% to 5%
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.
1998 Russian Financial Crisis
Inflation Rate reached 85.7%
Spending decreased from 18.2% of the GDP to 14.8%
Russia's Current GDP:
GDP Growing Rate= < 1%
Economy Not in a Crisis, in a Stagnation
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
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