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The Russian Federation and Its Economic Trends

The economy of the Russian Federation is based on the rapid development of the most profitable sources of overall revenue, which is funded by the government. It means that the official policy of the country is the main driver of its future successes in this respect. The initial examination of this field showed that the evolving spheres of the economy mainly include oil and natural gas exportations, steel and aluminum, and other valuable resources. However, it is unclear how these aspects are changing at present. Therefore, this report aims to demonstrate the connection between the previous findings regarding the economic situation in Russia and its current trends, which are primarily related to international trade, gas exports, and GDP growth.

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The first area, which explicitly shows the needs emphasized by the Russian government, is international trade. According to the recent data from official sources, it is oriented toward the production and realization of gas (Polonskaya, 2021). Thus, the ongoing construction of the Nord Stream 2 pipeline for delivering gas to Germany proves the significance of this field for the country (Polonskaya, 2021). Hence, the economic meaning of this policy is conditional upon the attempts of Russia to strengthen its positions on the world market by ensuring a direct connection with strategically important regions. From this perspective, this article underpins the findings, according to which natural gas exportations are the prevailing income resources, and allows viewing the implemented measures as long-term initiatives.

The second article on the discussion of trade opportunities and Russia and Moldova adds to the above conclusion. As per this source, the two countries consider lifting trade restrictions in order to benefit from the involvement of the Transnistria region in the process (Russia Briefing, 2021). Even though the described cooperation is aimed at improving the economic situation in several places, it serves as evidence for the principal orientation of the Russian government on international relations. It also confirms their reliance on others for improving economic indicators and, consequently, the overall wellbeing of its citizens. These findings also signify the meaning of restrictions for the country’s prosperity since they seem one of the major obstacles to it.

The third source, which is directly connected to GDP, narrates about a shift in the outlook concerning the policy of the Russian economy ministry and its results. As per this article, it is linked to the attempts to forecast the patterns of economic growth of the country, which indicates a high probability of strengthening its currency, rubble, in the future (Reuters Staff, 2021). The prospects of this outcome are explained by fast paces of recovery after the previous decline, and they are conditioned by high prices for oil and, subsequently, greater opportunities for exports (Reuters Staff, 2021). In this way, the economic capability of Russia is gradually increasing, and world trends facilitate this process.

To summarize, the situation with international trade, gas exports, and GDP growth of Russia seems favorable from the perspective of future improvements. This conclusion is underpinned by the government’s actions, which include the expansion of international trade through lifting restrictions and cooperating with new regions, as well as positive forecasts from official sources. These factors allow considering the country as a rapidly developing economic entity, which gains more influence through successfully negotiating with other regions and ensuring the advantages for future growth.

References

Polonskaya, G. (2021). First stage of Nord Stream 2 gas pipeline is complete, says Putin. EuroNews. Web.

Reuters Staff. (2021). Russian economy ministry raises 2021 GDP, inflation forecasts. Reuters. Web.

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Russia Briefing. (2021). Russia, Moldova discuss potential for EAEU free trade. Web.

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StudyCorgi. 2022. "The Russian Federation and Its Economic Trends." November 7, 2022. https://studycorgi.com/the-russian-federation-and-its-economic-trends/.

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StudyCorgi. (2022) 'The Russian Federation and Its Economic Trends'. 7 November.

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