Disintegration of the USSR. Restoration of Russia. Influence of the open market. The Asian financial crisis. Increase of local manufacture. Fast lifting of economy, gross national product. Export of consumer goods. Fluctuations in the world prices.
Economy of Russia and Economic Crisis After the breakup of the USSR, Russias first slight recovery, showing signs of open-market influence, occurred in 1997. That year, however, the Asian financial crisis culminated in the August depreciation of the ruble. This was followed by a debt default by the government in 1998, and a sharp deterioration in living standards for most of the population. Consequently, 1998 was marked by recession and an intense capital flight. Nevertheless, the economy started recovering in 1999. The recovery was greatly assisted by the weak ruble, which made imports expensive and boosted local production. Then it entered a phase of rapid economic expansion, the GDP growing by an average of 6.7% annually in 1999-2005 on the back of higher petroleum prices, a weaker ruble, and increasing service production and industrial output. Russia remains heavily dependent on exports of commodities (товары), particularly oil, natural gas, metals, and timber, which account for about 80% of exports, leav
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