Russia is a country slightly smaller than the United States, 1.8 times smaller to be exact. It is bordering the Arctic Ocean between Europe and North Pacific Ocean with a coast line of 37,653 km. The capital of Russia is Moscow with a population of 14 million consisting of 81% Russian, 3.7% Tatar, 1.4% Ukrainian, and 1.1% Bashkir. In this report we will learn about the contemporary business issues and economics in Russia. We will also see how the government takes part in the everyday lives of people, property, and business. This report will examine the economic freedom and how Russia has been climbing up the scales since the fall of the Soviet Union. Lastly, this report will analyze the international trade that has increased since Russia joined the World Trade center and the political crisis during the Sochi Olympics.
Russia economy ranks as the eighth largest by nominal GDP and fifth largest by purchasing power. Russia is the largest producer of oil (12% of the worlds output), natural gas (18%) and nickel (20%). The energy sector is the most important; it contributes to 20-25% of Russia GDP. According to the “Economic Freedom of the World” and “The Fraser Institute”, Russia’s ranking has gone from 89 out of 141 countries, Russian being 89 in 2005 to 101 out of 152 in 2011 Russia has moved up 10 places from 1995 and 12 places better than its ranking in 2000”. In the rankings it said Russia has a good sized government, legal system and property right but poor international trade. In the article Rob Lawson an economist at southern Methodist university states: “Russia has climbed up the rankings to be the best-placed of the rising economies known collectively as the BRIC countries Brazil, India, China and Russia, which investment firm Goldman Sachs has predicted will become the world’s dominant suppliers of manufactured goods and services, as well as raw materials, and outstrip the current major economic powers in terms of wealth by 2050”. The...
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