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Economy of Russia

Economy of Russia

After the Economic reforms in the 1990s, Russia gradually has a market-based and globally-integrated economy. Most industries are privatized after the reform, with some exceptions in the energy and defense-related sectors.

However, the private sector remains subject to state interference to some degree. As a globally-competitive commodity producer of natural gas, oil, and steel and primary aluminum , Russia was the world's largest exporter of natural gas, and the second largest exporter of oil, and the third largest exporter of steel and primary aluminum in 2009.

There are also some heavy industries mainly rely on demand of the Russian domestic market. since 2007, Russian government has an ambitious program to promote the development of high technology sectors. since 1998, the economy had averaged 7% growth with a growing middle class. due to the 2008-09 global economic crisis, the economic decline in Russian reached its bottom and struggled to the direction of recovery in mid-2009 and the economy began to grow in the first quarter of 2010.

Russia's need a larger workforce, a more-efficient government and management, more support to small and mid-size companies, and larger investments in improving its of infrastructure in the long run to boom its economy with success.


About the BRICS

In economics, BRICS refers to a group of countries, namely, Brazil, Russia, India and China, four countries with massive potential. They features a similar stage of newly advanced economic development.

The BRIC Leaders