Why Invest in Russia? Statistics about the Economy of Russia
With largest natural gas and second largest oil resources in the world. Economy of Russia has already attracted billions of dollars of foreign investments. This country is the 8th largest economy in the world today. And this ranking is continuously progressing.
Russia is continuously orking to meet the top international status in every field of life. Modern infrastructure of Russian cities, latest technical advancements in industrial sector and very low unemployment rate have made economy of Russia very strong. Today, Russia offer a huge market to invest in Russia.
Development Stages of Economy of Russia
After the ending of Soviet era in 1991. Russian government restructured their complete economic plans. It was the shift from a planned economy system to a free market system.
Economy of Russia passed through many development stages for the stabilization of the macroeconomic policies. The government redesigned the complete economic system.
To achieve the current global position, economic conditions of Russia passed through many phases:
- Russian Government changed its system to an open economy system. This increased trade and foreign investments in the country.
- In October 1991, the Yeltsin government applied shock therapy to Russia’s economy. His efforts failed. And corruption started to expand.
- As price controls were removed, Russia fell into hyperinflation in 1998.
- Ultimate corruption in 1990s, the decline of the Ruble, national financial crisis and loss of investments. All this badly affected the economy of Russia.
- Russia emerged alive and strong in the presidency of Vladimir Putin. In 2007, Russia achieved record macroeconomic stability (The World Bank).
- By 2009, Russia’s real GDP increased ten times then the previous values and hit the mark of 1.223 Trillion USD.
- By 2012, the GDP value reached to 2.015 Trillion USD.
- Earlier in 2013, Economy of Russia suffered from issue of industrial production, internal policies and inflation rate.
- Later on in 2013, Economy of Russia recovered and they still managed to hit the record foreign investments of 94 billion USD in 2013.
- In 2013 FDI increased by 83% from last year. This made Russia, the third largest investment destination in the world.
- In 2013, the overall business rankings of Russia improved. Russia advanced 20 points higher in World Bank’s ratings among the BRIC countries.
- World Bank projects 3.1% growth factor for Russian economy for this fiscal year (2013-2014)
Russian Economy, Today!
Now, Russia is among the four powerful BRIC countries ( Brazil, Russia, India , China) , which are the major emerging economic powers of the world. The Ministry of Economic Development of Russian Federation has set their targets to become the 5th largest economy of world by 2020.
Today, Russia is the most desirable investment center of world after US and China. Government offers excellent opportunities in the global trade market. Russian Government has made special economic zones to attract people's' attention in industrial, technological and recreational sectors for investment in Russia.
This region has brighter business prospects. The current image of Russia is showing good economic growth. The 2020 developmental goals of Russian Government also ensures a promising future to all the investors. The experts even say the Russia would be at the top of the world by 2050 in terms of stabilized economy. It's the gold market in coming future!