Essay about Bric Russia
BRIC – Russia
What are the current economic indicators for the assigned country that clearly demonstrate that this country is on a consistent growth path and that this will play an important role in the 21st century world economy?
The financial crisis of 2008, lead to a deep recession in Russia in 2009 due to a severe decline in oil prices. “The GDP fell by 7.8 percent and the number of unemployed increased from 4 million in the summer of 2008 to 7 million (or 9.3 percent) at the beginning of 2010. Between October and December 2008, production experienced its worst drop in the history of Russia, plummeting by a record 19 percent. The official inflation rate, which reached over 14 …show more content…
Russia’s growth potential isn’t just tied into the oil market; major strides are being made in the field of information technology. Three students from St. Petersburg State University of Information Technology, Mechanics & Optics beat out more than 100 teams from the world’s best universities at the Battle of the Brains programming competition held in Warsaw. This was the third win for the school in five years. “This is not only an astounding achievement but indicative of Russia's great potential on the global stage beyond natural resources. While China is a global leader in manufacturing, and India in the export of services, Russia's hi-tech skills are creating an opportunity for it to become an innovation powerhouse.” (Korniliev, 2012) Past Battle of the Brains winners from St.