economic history of russia
With the decline in demand for defense industry goods, overall production has shifted from heavy industry to consumer production.
Inflation had been brought under control, the ruble was stabilized, and an ambitious privatization program had transferred thousands of enterprises to private ownership.But in 1998 difficulties in implementing fiscal reforms aimed at raising government revenues and a dependence on short-term borrowing to finance budget deficits led to a In 1999, output increased for only the second time since 1991, by an officially estimated 6.4%, regaining 4.6% drop of 1998.On the negative side, inflation rose to an average 85% in 1998, compared with an 11% average in 1997 and a hoped-for 36% average in 1999.Russia posted gross domestic product growth of 6.4% in 1999, 10% in 2000, 5.1% in 2001, 4.7% in 2002, 7.3% in 2003, 7.2% in 2004, 6.4% in 2005, 8.2% in 2006 and 8.5% in 2007During Putin's eight years in office, industry grew by 75%, investments increased by 125%,In 2003, the debt has risen to $19 billion due to higher Ministry of Finance and Eurobond payments. In the first three quarters of 1993, the Central Bank held money expansion to a monthly rate of 19%. The improvement figures were exaggerated, however, because state expenditures had been delayed from the last quarter of 1993 to the first quarter of 1994. But stabilization was undermined by the Central Bank, which issued credits to enterprises at subsidized rates, and by strong pressure from industrial and agricultural lobbies seeking additional credits.By October 1994, inflation, which had been reduced by tighter fiscal and monetary policies early in 1994, began to soar once again to dangerous levels. The prime minister pledged to move ahead with restructuring the economy and pursuing fiscal and monetary policies conducive to macroeconomic stabilization.
Domestic credit increased about nine times between the end of 1991 and 1992. The most drastic example of such fluctuation was the Black Tuesday (1994) 27% reduction in the ruble's value.In July 1995, the Central Bank announced its intention to maintain the ruble within a band of 4,300 to 4,900 per US$1 through October 1995, but it later extended the period to June 1996. Energy prices remain controlled, but the Government has been shifting these prices upward to close the gap with world market prices.
The 1993 annual inflation rate was around 1,000%, a sharp improvement over 1992, but still very high. But rapid changes in the nominal rate (the rate that does not account for inflation) reflected the overall macroeconomic instability.
During most of 1995, the government maintained its commitment to tight fiscal constraints, and budget deficits remained within prescribed parameters.
Data on sector performance are skewed by the underreporting or nonreporting of output that Russia's tax laws encourage.
Economic history of the Russian Federation.
In 1994, for example, the government managed to reduce monthly rates from 21% in January to 4% in August, but rates climbed once again, to 16.4% by December and 18% by January 1995.
Once the preeminent republic of the U.S.S.R., Russia became an independent country after the dissolution of the Soviet Union in December 1991. Russia pursues regional policies for nationalistic and strategic reasons as well as development of economic resources, but never is there a concern for reducing regional disparities in standards of living. The large majority of Russia's exports was made up by raw materials and fertilizers,There was also a growing gap between rich and poor in Russia.
In mid-1996 the national government appeared to have achieved some degree of macroeconomic stability.
It remained stable during the first half of 1996. The announcement reflected strengthened fiscal and monetary policies and the buildup of reserves with which the government could defend the ruble. Economic history of Russia. Shortly thereafter, the government provided 181 billion rubles (about US$1.1 billion) in credits to enterprises that were still holding debt.The government also failed to constrain its own expenditures in this period, partially under the influence of the post-Soviet In late 1992, deteriorating economic conditions and a sharp conflict with the parliament led Yeltsin to dismiss Fedorov's anticrisis program and the Government's accord with the Central Bank had some effect. To support continued production under these circumstances, enterprises relied on loans from other enterprises.
Although experts presented a number of theories to explain the drop, including the existence of a In late 1994, Yeltsin reasserted his commitment to macroeconomic stabilization by firing According to official Russian data, in 1994 the national gross domestic product (GDP) was 604 trillion rubles (about US$207 billion according to the 1994 exchange rate), or about 4% of the United States GDP for that year.
However the severe depression in Russia in the 1990s Russia was no longer number one for rail freight. But stabilization was undermined by the Central Bank, which issued credits to enterprises at subsidized rates, and by strong pressure from industrial and agricultural lobbies seeking additional credits.By October 1994, inflation, which had been reduced by tighter fiscal and monetary policies early in 1994, began to soar once again to dangerous levels.
However, beginning in February, the Central Bank, headed by Viktor Gerashchenko, loosened the reins on the money supply. In theory, but not in practice, the central planning system ensured a balance among the sectors throughout the economy.
Domestic credit increased about nine times between the end of 1991 and 1992. Thus, the monthly inflation rate held virtually steady below 5% in the last quarter of the year. Such ownership has allowed Luzhkov's planners to manipulate resources efficiently and with little or no competition. In fact, in 1995 and 1996 the state's failure to pay many such obligations (as well as the wages of most state workers) was a major factor in keeping Russia's budget deficit at a moderate level.
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