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Shvoong Home>Law & Politics>Russia's Economic Situation Prior to Its Elections Summary

Russia's Economic Situation Prior to Its Elections

Article Summary   by:TsingHua     Original Author: CONTEMPO RARY INTERNATIONAL RELATIONS
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As Russia's economy is still under the double effects of the economic crisis beginning in last August as well as the long-accumulated problems, it is short of enough impetus to sustained recovery, and can't improve the comprehensive development condition essentially. The frequent changes of the government and the forthcoming parliamentary and presidential elections have caused direct shock on the country's economy which has become increasingly the tool of political struggle, and no economic programs and policies could be carried out completely and efficiently in any administration. Russia is confronted with various difficulties such as the lack of incentives for economic growth, the decrease of investment, the decline of people's living conditions, the reduction of purchasing power, the increase of unemployment and the shrinkage of its foreign trade, etc.. Up to now, Russia hasn't selected an economic development model which is compatible with its national situation, while the government's economic regulation is temporary in the main. In face of today's swift development of the economic globalization, whether Russia can keep its advantageous position in the more and more intensified international competition is decided not only by its domestic economic reform, but also by whether it can join the WTO smoothly as soon as possible and establish an equal trade-partnership with the West. If the intermediate alliance led by Yevgeni Primakov and Yuri Luzhkov can win in the general election, they will not reverse Russia's reform, and will completely push ahead with the society-oriented market economy and put in central place the revitalization of the national industry. It is estimated that during the early 10 years of the next century Russia's GDP may be up to 3-5%, and its GDP and overall national strength being expected to rank among the first 10 nations in the world in 2020 or so.$$$$
Published: September 20, 1999   
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