The given comparative analysis will primarily focus on GDP and GDP per capita values between Russia and the United States. On the one hand, the overall GDP value for Russia in 2020 was equal to 1483.5 billion US dollars (“Russia – Economic Indicators,” 2021). On the other hand, the GDP value for the United States was equivalent to 20936.60 billion US dollars (“United States – Economic Indicators,” 2021). Therefore, the economic output of the United States is more than 14 times higher than that of Russia. In the case of GDP per capita, the value for the Russian Federation was equal to 11786.60 US dollars in 2020 (“Russia – Economic Indicators,” 2021).
For the United States, the GDP per capita was equal to 53748.97 US dollars for the same year (“United States – Economic Indicators,” 2021). When adjusted for the purchasing power parity in 2020, the values for Russia and the US are 26456.40 US dollars and 60235.73 US dollars, respectively (“United States – Economic Indicators,” 2021). In other words, the GDP per capita value of the United States is more than five times higher than that of the Russian Federation.
In regards to the inflation rate, the value for Russia is 6.46% as of July of 2021 (“Russia – Economic Indicators,” 2021). For the same time period, the rate of inflation in the United States is equal to 5.4% (“United States – Economic Indicators,” 2021). Although the values are close to each other, the objective observation is that Russia’s currency is losing its value at a faster rate than the US Dollar. The GDP growth rate for the Russian Federation in 2020 was equal to -0.2% (“Russia – Economic Indicators,” 2021).
The GDP growth rate for the United States in the same period was equal to 33.8%, but it is important to note that such a drastic increase took place after a -31.2% drop in July 2020, and the current rate of growth is equal to 6.5%. (“United States GDP Growth Rate,” 2021). In other words, economic growth is dictated by global and local politics, global and local crises, such as COVID-19, the political environment in the nation, the economic system, and natural resources.
References
Russia – Economic Indicators. (2021). Trading Economics. Web.
United States – Economic Indicators. (2021). Trading Economics. Web.
United States GDP Growth Rate. (2021). Trading Economics. Web.