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Russian Economy and its Role in The World

Russian Economy and its Role in The World

By on July 17, 2018 in Kamexplore

Russia is a very large country, which has much to do with its impact on the world economy. Russia has many natural resources and can therefore supply many raw materials for manufacturing. Some experts believe that Russia contains over one third of all the worlds’ natural resources. These resources have a large impact on the Russian and world economy.

A Stable Economy

Russia also exports a great deal of energy products including oil and gas and various minerals and metals that are used in manufacturing. The economy of Russia is predicted to remain stable and potentially grow as oil prices increase. Russia after all supplies most of the oil and gas to the Commonwealth of Independent States (CIS) that was formed after the Soviet Union broke down. In fact, Russia exports about 300 million tons of oil alone. This means that there are many trading partners for Russia that do depend heavily on energy imports, thus helping the Russian economy to remain robust in the near future. Russia also exports many timber products and equipment to the CIS countries along with the petroleum products such as oil, and the gas.

Energy

The inflation rate in Russia has actually decreased over the last couple of years. This has been mostly due to the high energy prices, and energy is the main export out of Russia. This has also led to a decrease in poverty in Russia. Russia has been projected to grow by about 1.8% from 2018 to 2020 but experts caution that this will largely depend on the oil prices. Global economic growth of Russia may be more or less depending on these oil and gas prices in the next few years. Unfortunately, there is great inequality in the distribution of wealth in the country, with Moscow contributing a large amount of the GDP.

Trading Partners

Russia traded with other soviet countries during the years when communism was the political system in place. It had to import many goods such as cotton and agricultural produce and minerals and in turn exported oil and gas.

Russia recognized that it needed its trading partners and many agreements were made with various countries. Although there were times of upheaval and discord between Russia and these countries, they do still have a generally good trading relationship today. The fall of communism led to drastic changes in the economy, with Russia having to change from a central economy to a more mixed economy. There was also much privatization of industries in the years after communism. Despite various problems and setbacks, Russia is able to successfully trade with other countries.

In fact, Russia trades the most with Germany, Ukraine, the United States, China and Belarus. The fall of communism brought much upheaval and change to Russia, but it appears to have recovered from any problems that it had in the past. The Russian economy has a big impact on the world, especially since it is such an influential country with much to offer to the world.

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