Russian Economic Growth since 1998 - Essay Example

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Russian Economic Growth since 1998

The answer depends on the interpretation of data provided mostly by the World Bank.
The 1998 financial crisis spread throughout the Asian continent and was described by economist Richard Cooper as "the rapid outflow of funds akin to a deposit run on a bank"1. Money just seemed to seep out of countries like Russia who in previous years had been so economically powerful, and the government scrabbled desperately to regain a foothold on world economics. The assumption has been made that following this initial year of economic distress, The Russian Federation has succeeded in turning itself around and making basic social services available to its citizens while eradicating a large portion of past poverty. Poverty, deprivation and social exclusion are purported to be a thing of the past; how accurate is this depiction of modern Russia
Most research shows a slightly different reality than this ideology suggests, and despite the wishes of the state to be classified as economically sound its leaders have been constantly struggling with the administration of such a massive country. ...Show more

Summary

The largest country in the world, The Russian Federation has received its share of criticism over the past few hundred years; from the days of the land hungry monarchs to the Revolution of 1917, right up until the 1990's when the Soviet Union broke and laid Russia and its counterparts bare to the scrutiny of the Western world…
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Russian Economic Growth since 1998 essay example
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