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ECONOMY OF RUSSIA
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The Russian economy underwent tremendous stress as it moved from a centrally planned economy to a free market system despite the countrys well-known wealth of natural resources, its well-educated population, and its diverse - although increasingly dilapidated - industrial base. By the end of 1997, Russia had achieved some well-observable progress. Inflation had been brought under control, the ruble was stabilized, and an ambitious privatization program had transferred thousands of enterprises to private ownership. Some important market-oriented laws had also been passed, including a commercial code governing business relations and the establishment of an arbitration court for resolving economic disputes. But in 1998, the Asian financial crisis swept through the country, contributing to a sharp decline in Russia's earnings from oil exports and resulting in an exodus of foreign investors. Matters came to a head in August 1998 when the government allowed the ruble to fall and stopped payment on $40 billion in ruble bonds.
Russia, however, appears to have weathered the crisis relatively well, though ordinary persons found their wages and pensions dramatically falling.
In 1999, output increased by an officially estimated 3.2%, regaining much of the 4.6% drop of 1998. Of great help was the tripling of international oil prices in the second half of 1999, raising the export surplus to $29 billion (oil and gas dominate Russian exports, so Russia remains highly dependent upon the price of energy). The ruble stabilized, inflation was getting moderate, and investment began to increase again. Russia is making progress in meeting its foreign debts obligations. Russia not only met its external debt services but also made large advance repayments of principal on IMF (International Monetary Fund) loans and also built up Central Bank reserves with government budget and trade.
Fiscal policy has been very disciplined since the 1998 debt crisis, though lack of legislation and, where there is legislation, lack of effective law enforcement, in many areas of economic activity is a pressing issue. Taxation and business regulations remain unpredictable.
On the positive side, the new corporate tax code went into effect and Russian businesses are increasingly turning to the courts to resolve disputes
Nonetheless attitudes left over from the Soviet period will take many years to overcome. |
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