Abstract
Current State and Development Prospects of the Russian Economy The article characterises changes that have occurred in the economy of Russia and its foreign trade over the recent years. It estimates the country's position in the world ranking. The process of Russia's involvement in integrated world economic development after the collapse of the socialist system has been far from simple, because it was simultaneous with the country's system transformation and economic restructuring. The economy of modern Russia operates in difficult conditions. In the 20th century the burden of the socialist period of the country's development combined with the mistakes of the structural economic transformation of the 1990s already generated new systemic disproportions which have greatly modified the entire economic complex of the country. An analysis of the Russian share in the production of principal types of industrial products over the last three decades as well as a comparison of particular development indicators of the largest world economies and the share of countries and country groups in the world's high technology production reveals a weakening of the Russian position in the world economy. The article also presents changes in Russia's foreign trade and the decrease in its main economic indicators in the conditions of the current world financial crisis. The article underlines the necessity of change in the current model of Russian participation in the globalising world towards a search for a new place in the world economy and the world market, and, first of all, in knowledge-intensive industries and the sphere of high technology.
Highlights
An analysis of the Russian share in the production of principal types of industrial products over the last three decades as well as a comparison of particular development indicators of the largest world economies and the share of countries and country groups in the world's high technology production reveals a weakening of the Russian position in the world economy
At the same time it notes that Russia and other countries of the Commonwealth of Independent States (CIS) have suffered the most in comparison with other countries from the global financial and economic crisis (World economic outlook ... 2009)
The situation can evolve in two ways: either Russia will switch to an innovative and technological model of development, or it will roll down to the world outskirts, as a raw-material appendage of advanced countries
Summary
One of the surveys of the International Monetary Fund (IMF), Prospects of the development of the world economy: Crisis and recovery, claims that nowadays the world economy endures the deepest recession over the last 50 years. The sharp drop in the world prices of goods constituting traditional Russian exports and the decrease in the availability of cheap credit at the end of 2008 and the beginning of 2009 provoked a collapse on the Russian stock market, rouble devaluation, a decrease in the industrial output, the gross domestic product and population incomes, as well as unemployment growth. On the whole, according to the forecasts of the Ministry of Economic Development and Trade of the Russian Federation, the World Bank and the International Monetary Fund, a reduction in Russia’s GDP by 6–8% expected for 2009 occurred. It should be noted that the decrease in Russia’s GDP was caused by the global financial and economic crisis and a sharp fall in demand for the main export goods of the country, but internal factors had an influence, in particular such factor as an insufficient diversification of the economy It should be noted that the decrease in Russia’s GDP was caused by the global financial and economic crisis and a sharp fall in demand for the main export goods of the country, but internal factors had an influence, in particular such factor as an insufficient diversification of the economy (On the results ... 2010)
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