Short-term forecast for the economy of Russia

Economy of Russia

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Economy of Russia

Russia as a country has transformed significantly since the collapse of the Soviet Union . The economy has changed from a globally-isolated centrally-planned economy to a more globally-integrated market based economy . The economy of Russia has gone through fluctuations since then to emerge as the eight largest by its purchasing power parity (PPP ) in 2009 estimates (CIA , 2010 . The Russian economy is largely dependent on the export of raw materials and natural resources , specifically oil and gas . Other

resources include precious minerals , fishing , and agriculture

Since the collapse of the Soviet Union , Russia has undergone two major economic crises . They are the 1998 Russian Financial Crisis and the 2008 Russian Financial Crisis which was a part of the 2008 Global Economic Crisis . This article will examine the performance of the Russian economy after the two crises . In addition , the article will evaluate the current performance of the economy of Russia

The 1998 Russian Economic Crisis

After the collapse of the Soviet Union , Russia undertook major economic reforms to transform its economy closed centrally planned socialist economy into a capitalistic market economy . According to the CIA Factbook , the most notable economic reforms in the 1990s were the privatization of enterprises that belonged to the state and the removal of Soviet price controls . The CIA notes further that the rapid privatization of the state enterprises (except in defense and energy related sectors ) essentially handed over the enterprises to a few politically connected individuals...