Russia's Economy Essay Example | Topics and Well Written Essays - 500 words

Russia's Economy - Essay Example Firstly, with regards to the strength that exist within the Russian Federation, it can categorically be said that the natural resource markets for oil, natural gas, and mineral extraction have provided the Russian Federation with a runaway level of economic growth during a period in which much of the remainder of the world has been mired in recession. As a direct result of the fact that the Russian Federation has untold billions of barrels of oil in on reservoirs, the potential for growth within the near future is profound. Moreover, surveys into overall levels of natural gas resources within the Russian Federation indicate that this country has the largest known reserves of natural gas anywhere in the rest of the world.1 Copious supplies of coal, iron, gold, silver, diamonds, and other desired natural resources are also found in abundance in Russia’s the vast eastern wilderness. Finally, another core strength/bright spot of the Russian economy is concentric upon the fact that the Russian Federation exhibit a very high level of educational aptitude and higher learning; doubtless the result of decades of Soviet education that adequately equipped individuals with profound levels of scientific and engineering knowledge. However, apart from the bright spots and potentials for development that had previously been elaborated upon, perhaps the greatest drawback that exists currently within the Russian Federation is contingent upon the overall level of corruption within the country. At nearly almost every level, corruption is a stifling influence which creates unknown prices and incalculable expense for companies that choose to operate within its borders. Such a constraint to foreign direct investment has significantly reduces the overall number of firms that are actively interested in developing their companies further within the