Russia as part of global economic ties: The present and the future

Abstract

Subject. The article discusses the competitiveness of the Russian Federation and its place in the global economy. Objectives. We examine metrics of the trade and geographic structure of foreign trade and discover factors, conditions, tendencies of the foreign trade development. The article presents our forecast on how the baseline indicators will behave. Methods. We apply methods for systematization, comparison, structural and trend analysis. Results. We analyzed and substantiated the development of Russia’s foreign trade today. The article enlists directions of the foreign trade and depicts its geographic and commodity structure. We flag the Asian and African lines for promoting the foreign trade, emphasizing the need to expand the EEU ties, since it will have a positive effect for Russia and its key partners within the alliance. Speaking about the innovative economy, we underline the importance of non-resource export. The article provides the graphic presentation of estimated exports and imports. Conclusions and Relevance. Referring to the analysis of the Russian foreign trade indicators and their development and the respective forecast, we can infer rather an optimistic scenario. The above changes will definitely reshape the development of the global economy, since there are some objective difficulties predicting the foreign trade and the pandemic and the deteriorating global situation are a key risk.