Economy of Russia

The vast land of Russia has witnessed great economic rise and fall through the past many decades. The economy of Russia once was regarded as one of the powerful economies of the world, but after the dissolution of Soviet Union, the economic industrialization suffered a setback. Over the years, the vast natural resources of Russia have helped to boost the rapid phase of industrialization aided by advancement of science and technology. It's interesting to note that there are special economic zones scattered at different parts of the country, each contributing in its own way to the industrial development of the country. Cross border trade has been a main forte of the country, since the declaration of the 'Treaty of Kulja' in the year 1851 between China and Russia. Major trade partners of Russia include-Netherlands, Germany, Italy, Turkey and Switzerland.

Agriculture and Natural Resources of Russia

An analysis of the comprehensive economy of Russia remains incomplete without mentioning the important agricultural regions of the country. The agricultural area extends from the Central district which falls in the European Russia covering Ukraine, Belarus to western part of Siberia. Each of the seven federal districts of Russia as--- Central region, North western, Southern region, Volga, Siberian region, Ural and the far- eastern region, while its important to note that 95% of Russia's agricultural output comes from the Central, Southern, Volga, and Siberian region. Majority of the farm lands in the rural areas follow rotation of cropping. The chief agricultural products of Russia are---

grain, sugar beets, vegetables, beef, sunflower seeds fruits and dairy by-products. Statistics indicate that Russia contributes 20% of total world production of oil and natural gas. Large deposits of iron-ore are also found in the Kola Peninsula, Karelia, south-central Siberia, and the Far East. Copper and zinc are also found in the Ural region, North Ossetia and Kola Peninsula. Other minerals found are-- Tin, tungsten, bauxite, and mercury, iron ore, manganese, chromium, platinum, titanium, lead, diamonds, phosphates and gold.

Trade and Business of Russia

The economic conditions of Russia received a great boost after the certain economic reforms were initiated in the year 1990. This set of economic reforms focused on two aspects of Russian economy as--- stability through macro-economic policies and restructuring of the economy. In this case, emphasis was more on promoting a stable financial growth and establishment of legal codes for smooth running of commercial enterprises. The liberalized economic structure of Russia paved the way for privatization of some companies thereby enhancing a speedy growth facilitated by economic and industrial ties with other countries. Subsequently, the G.D.P growth was 6.5% and is expected to grow at the rate of 4.9% per annum. Foreign trade rose at the rate of 34%, with major investment projects from the country of China.

Thus, an overview of the economy of Russia presents a detailed picture of prevalent financial conditions in Russia.

 

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