Russian economy is organized and distributed in the region, area, or country. The four essential types of economy are used in any country or region. The traditional economic system is ancient and used by 2nd and 3rd world countries. The command economic system (planned system) works with the central authority that controls the essential part of the financial system. A mixed economic system (Dual system) is a mixture of a market and command economic system.
Russia has a diverse economy and is the most populous country in the world.
People of different religions live in this country. Russia is an energy power and the most significant natural gas producer. You see in this article that you see GDP, inflation rate, employment rate, growth rate, and many other things about Russia.
The economy is the management of material resources, which means the government organizes and shares the resources, goods, and services in a geographical region or country. The economic system is the conditions of the economic life of the country, area, and parts. It encloses many institutions, agencies, entities, decision-making processes, and utilization patterns that comprise the economic structure of a given community or country.
Types of economy
There are four main types of economy
- Traditional economies
- Command economies
- Mixed economies
- Market economies
It is the most basic and out-of-date type of economy. It depends upon the work, goods, and services that follow the positive established trends. Rural countries like second and third-world countries use this type of economy. The dominating economic activities of this country are farming and other traditional income-producing activities.
Few resources can be shared in communities by the traditional economic system. This financial system has less ability to generate a surplus. It economic system is highly sustainable to its underived nature. There is very wastage it causes less output.
A dominant centralize authority in this economic system is used to control the vital part of the economic structure. An economy that has many resources lead to a command economic structure. In this matter, the government controls all the help. An ideal manner, centralized control covers all the valuable resources like oil, gas, etc., in this matter.
According to the theory, the command economic system works well with a central authority. It is a rigid system the other financial system. It is susceptible to economic crises emergencies it cannot easily adjust to changing states.
Market economic system
There is very little interference from the government in this economic system, based on the free market idea. The government has little control over the resources and does not interfere in an essential segment of the economy. It economic system is primarily theoretical it does not exist practically. The reason is that there is always some interference from the central authority. The government makes laws that regulate fair trade and monopolies.
Theoretically, it provides substantial growth. The growth in this economic system is higher in others.
The disadvantage of economic system it private body to amass economic power, Excellent resource value. Most resources control those who succeed economically. That’s why resource distribution is not equitable.
It is the combination of market and command economies. That’s why it is called the dual system. There is strict regulatory control in this economic system.
Many developed western countries used this economic system. Countries are private sectors, the rest are public sectors that control by the government.
It combines the best characteristics of the command and market economic system. The problem that mixed financial system face is the challenge of finding the right proportion the free markets and government controls. The government wants to apply power it’s necessary.
The largest and most populous country by area in the world is Russia. It covers 17,098,246 square kilometers area, and the population is 146 million. The capital of this country is Moscow, and this city is the largest in this country. The currency of Russia is the Russian ruble (RUB).
The official language of this country is Russian. People of different religions live in this country.
47.4% Christianity, 41% Russian orthodoxy, 6.5% Muslims and 38% people no religion. The largest port in Russia is the port of Novorossiysk in the Krasnodar near the black sea.
The world describe Russia as an energy power source it has the largest gas, oil, and coal reserves. Russia has the world’s biggest natural gas producer and the world’s 2nd most enormous coal reserves. The total GDP is $4.365 trillion and per capita income is $30,013.
Russian the nominal GDP, Russia is the world’s 11th largest economy. The service sector, 62%, the industrial sector, 32%, and the agriculture sector, 5%, play a role in Russia’s economy. The unemployment rate is about 4.1% and it has a 70 million labor force.
Russia depends heavily on the revenues from gas and oil-related taxes and export tariffs, which is 45% of the federal budget. Russia share its supplies with the European Union, and the gas demand increase from 25% to 32% in the weeks. In 2017, Russia got 45% revenue from oil and natural gas, exceeding 60%. Russia is one of the lowest levels of external debt among the major economies.
Russia was the first country to construct the first nuclear power and the 4th country in the world to produce atomic energy. In 2021, Russia will have hydroelectric energy.
Russian economy today
The economy of Russian is slowly transferred from the command economic system to the market financial system. Russia get revenue the export oil.
Russia has become the 5th largest economic country in Europe. The Russia is an upper-middle-income economy country.
Russia works with WTO, BRICS, BEAU, CIS, GECF, APEC.
- The GDP of Russia is $1.71 trillion by nominal 2021 and $4.32 trillion by the PPP 2021. The GDP rank is 11th largest in the world by little 2021 and 6th largest by the PPP, 2021.
- The GDP growth is about -2.7% in 2010 and 4.7 in 2021.
- The GDP per capita is $11,654 by nominal 2021 and $29,485 by the PPP 2021. The GDP per capita rank is 6th largest by little 2021 and 55th largest by the PPP 2021.
- The Russian economy consists of agriculture (4.7%), industry (32.4%), and service sectors (62.3%).
- The inflation rate in this country will be 3.2% in 2020, and the poverty rate will be about 12.9% in 2018.
- The employment rate is 59.8%, and the labor force is about 73,023,442.
- The labor force is
- In agriculture, it is 9.4%
- In industry, it is27.9%
- In the service sector, it is 63%
- The unemployment rate is low; it was 4.5% in 2018, in 2022, it will be 3.9%.