Emerging Markets in Russia

4 April 2015
A discussion of the stages of economic development in light of Russia’s struggle to set up a modern market economy and attain strong economic growth.

This paper examines Russia’s economic status and growth during the nine years after the disintegration of the USSR. An analysis of factors affecting the GDP is given. Development through regional integration is examined, and the ramifications of economic development of Russia for global business are discussed.
“According to the Russian official data, GDP declined in 1994 by 15 per cent compared with a 12 per cent decline of 1993. It is believed however that the fall is probably overstated. Agricultural production fell 9 per cent in 1994. The grain harvest totaled 81 million tons, which was around 15 million tons less than in 1993. Industrial output was down 21 per cent with all major sectors taking the hit in 1994. Unemployment increased to an estimated 6.6 million (7 per cent of the work force) by yearend 1994.
By the 1997 year-end, Russia had attained progress by bringing inflation rates under control, stabilizing the ruble, and ambitiously transferring thousands of enterprises to private ownership, under the privatization program. Significant laws that were oriented towards market economy had been passed too, which included the establishment of a commercial code that governed business relations and an arbitration court that resolved economic disputes.”

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