Economy of Russia

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$1.229 trillion (2009) (nominal; 12th)[1]

$9,100 (2009) (nominal; 52nd)[1]

The economy of Russia is the twelfth largest economy in the world by nominal value and the sixth largest by purchasing power parity (PPP). Russia has an abundance of natural gas oil, coal, and precious metals. It is also rich in agriculture. Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally-planned economy to a more market-based and globally-integrated economy. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy and defense-related sectors. Nonetheless, the rapid privatization process, including a much criticized "loans-for-shares" scheme that turned over major state-owned firms to politically-connected "oligarchs", has left equity ownership highly concentrated. The protection of property rights is still weak and the private sector remains subject to heavy state interference. During the global financial crisis, Russia experienced a severe recession, until the growth was later on stabilized.


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