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Mention any three feature of russian economic ?
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Features of Russian economy :
(i) It is the ninth largest economy in the world by nominal value.
(ii) It is the sixth largest economy by Purchasing Power Parity (PPP).
(iii) It has been transformed from a centrally planned economy to a market based and globally integrated economy.
The economy has grown greatly since 1999.
Despite all of the challenges, Russia’s GDP per capita has approximately doubled since 1999. However, what was one of the fastest world rates of economic growth prior to the crisis of 2009 has slowed down to below 2% in the first quarter of 2013 and zero growth in June, according to preliminary data. The slowdown is partly caused by stable oil prices and thus may be temporary, but all of the challenges described above require bold policies to put Russia’s economy on a sustainable growth path less dependent on the vagaries of the world commodity prices.
FAQs on Feature of russian economic - Class 9
| 1. What is the current state of the Russian economy? |  |
Ans. The current state of the Russian economy is characterized by various factors such as dependence on oil and gas exports, economic sanctions imposed by Western countries, and internal challenges like corruption and lack of diversification. These factors have contributed to periods of economic instability and slower growth rates in recent years.
| 2. How has the Russian economy been affected by oil prices? | |
Ans. The Russian economy has been significantly affected by oil prices due to its heavy reliance on oil and gas exports. When oil prices are high, Russia experiences economic growth and increased government revenue. Conversely, when oil prices decline, it leads to a decrease in revenue, budget deficits, and economic challenges for the country.
| 3. What are the impacts of economic sanctions on Russia? | |
Ans. The economic sanctions imposed on Russia by Western countries have had a significant impact on its economy. These sanctions restrict access to international financial markets, limit foreign investment, and impose trade restrictions. As a result, Russia has faced difficulties in attracting foreign capital, technology, and expertise, which has hindered its economic growth and development.
| 4. What steps is Russia taking to diversify its economy? | |
Ans. Russia has recognized the need to diversify its economy and reduce its dependence on oil and gas exports. The government has launched various initiatives, including the "National Technological Initiative" and the "Digital Economy" program, to promote innovation, develop high-tech industries, and enhance competitiveness in sectors beyond the energy sector.
| 5. How does corruption impact the Russian economy? | |
Ans. Corruption is a significant challenge for the Russian economy. It undermines the rule of law, erodes public trust, and hampers economic development. Corruption leads to inefficiencies, distortions in resource allocation, and reduced foreign investment. It also discourages domestic and foreign businesses from operating in Russia, hindering economic growth and prosperity.
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Nov 16, 2024 Last updated |
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