Economy of Russia
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The economy of Russia has gradually transformed from a planned economy into a mixed market-oriented economy. It has enormous natural resources, particularly oil and natural gas. In 2023, it was the world's 11th-largest economy by nominal GDP, 6th-largest by purchasing power parity (PPP) according to IMF, and 5th-largest according to World Bank. Due to a volatile currency exchange rate, Russia's GDP as measured in dollars fluctuates sharply. Russia was the last major economy to join the WTO, becoming a member in 2012.
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Quotes[edit]
- At the end of Soviet times, some talked about creating “socialism with a human face.”. But now, Russia instead has created “capitalism with an inhuman face,” a system in which the worst features of capitalism have been exacerbated and its best minimized or eliminated, [economist] Igor Nikolayev says.
- Paul A. Goble, "Russia Now has ‘Capitalism with an Inhuman Face,’ Nikolayev Says", Window on Eurasia (July 22, 2019)
External links[edit]
Media related to Economy of Russia on Wikimedia Commons
Encyclopedic article on Economy of Russia on Wikipedia
