For Blog Entry 4 I wanted to focus on Russia, I was born there and lived there for 8 years. There is still a lot I don’t know about the country so I was excited to learn more!
What I wanted to do further research on was economic development in Russia. The Russian economy is undergoing profound transformations and in the coming years, the country will radically upgrade its economic system to meet changes and challenges in the global social and economic order. For a number of years Russia has experienced increased issues that have affected all areas of social and economic life: production trends, foreign trade, general well-being, employment, and financial and foreign exchange markets. The changing political landscape and political conflict has a major effect on Russia as well. In addition to geopolitical and structural factors, Russia’s economic development has been impacted by external shocks, these include price changes in oil and other gods and commodities that the country exports. (Medvedev, 2016) However, regardless of all of this, Russia has found a way to rise through it several times throughout several economic crises. There are several things Russia could implement that would help advance economic growth. First is having an efficient fiscal policy which is essential for any economy. It is comprised of macroeconomic and structural enablers of economic growth and improved well-being. Second is a structural policy which could improve the competitiveness of the economy. The task of improving efficiency and modernizing will always be a part of the plan. Another step that can be taken is recognizing the importance of solutions related to economic policy, those solutions will not yield the expected results if government institutions don’t operate efficiently. (Medvedev, 2016)
In spite of all the hardships, Russia has had some important accomplishments that provide the basis for their continued advancement. First, the Russian population has been growing over the past three years for the first time since the 1980’s. Second, the quantity of families with more than one child is also growing. Third life expectancy has increased to 71 years, which is the first time that this has been achieved in Russia’s centuries-long history. (Medvedev, 2016) In the years to come, Russia will face competition between countries for markets, investments, and human capital; persisting trade and financial embargoes; and the instability of prices for its traditionally exported goods. It is important not only to restore economic growth but to ensure its long-term sustainable rate. Medvedev, D. (2016)
Reference:
Medvedev, D. (2016). Social and economic development of Russia: Finding new dynamics (Vol. 2, Ser. 4). ELSEVIER.
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