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Russias Economy Overview

            Overview of Russia's Economy over the last 5 years.
             Russia's economy has been anything but stable in the last 5 years. One of the major events in Russia's economic history for the past years was the crash of the ruble. By looking at the data we can see that in 1998 the value of the ruble was very low (1 US Dollar = 6006 Rubles) compared to the unbelievable rise in 1999 (1 US Dollar = 21 Rubles). The high rise of the ruble influenced the consumer prices which went significantly up by 66% which also influenced the GDP and the industrial production which both went down to -9%. The industrial production went down as the distribution of income was completely unequal as some citizens didn't even get their salaries for years and went on strike. As the Industrial production went down it also brought down the GDP. In 1999 Russia's economy went from stable to bad like a chain reaction.
             Surprisingly Russia's economy in 2000 got back into good state as the Industrial Production went up by 13%, which was probably caused by the consumer's price dropping from 66% to 25%. The trade balance went significantly up by more then 20 Billion compared to last year due to Russia's resources, the rise in the Industrial Production and the rise of GDP by 8.8%. From 2000 Russia's consumer prices started to go down each year which is most likely due to the drop in ruble which also went down every year until the 2003.
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             Most macroeconomic objectives conflicts happened from 1998 to 1999:.
             1) Growth Conflict with low inflation: In 1998 Russia's Economy was growing faster then it was producing. The demand was rising faster then the total supply of goods and services. The industrial production was only 1.3 % compared to the trade balance which was +20 Billion, meaning that Russia was exporting more then it was importing and not producing enough. This is a perfect example of the macroeconomic objectives conflicts as if we look at the data in 1999 we can see that shortages occurred in terms of labor, goods and services and raw materials.


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  • Approx Pages: 8
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  • Grade Level: High School

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