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Positive Trends of Eight Years of Putins Presidency

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  • a doubling of living standards

  • the World Bank estimates the Gross National Income per capita at $5,780 in 2006 with a GNI of $823 billion

  • a 70% increase in GDP

  • in the 1990s Russias GDP fell by 40%

  • it eventually regained the 1990 level in 2002

  • since 2000, GDP growth has averaged just under 7% a year

  • in current dollar prices, GDP went from $200 billion in 1999 to $1.26 trillion in 2007

  • Russia moved up from being the twentieth largest economy in the world to the seventh

  • the settling of nearly all Russias foreign sovereign debts

  • the accumulation of a war chest of $402 billion foreign currency reserves as of March 2008

  • real wages have grown at double that rate

  • investment has risen by 12% annually

  • Russias real income per capita rose from $5,964 in 1998 to $9,650 in 2005

  • the government has been running a substantial surplus

  • unemployment has fallen below 7%

  • labour productivity grew 49% between 1995 and 2005, ranging from a 23% improvement in retailing to a 73% rise in construction

  • stock market capitalisation rose to 44% of GDP by 2005

  • the RTS index went from 300 in 2000 to 2,360 in December 2007

  • in September 2006 the market capitalisation of the 200 biggest firms was $833 billion (one third of which was Gazprom)

  • a reform of the tax system, under which a progressive income tax from 12% to 30% was replaced with a flat tax of 13% in 2001

  • Russia introduced full convertibility of its currency in July 2006

  • the percentage of the population living in poverty fell from 38% in 1998 to 9.5% in 2004

  • the share of family budgets spent on food fell from 73% in 1992 to 54% in 2004

  • a total of 70% of economic activity now takes place in legally independent corporations, and a similar proportion of economic transactions occur through market-clearing prices

  • the centralised, command economy was smashed, although elements of such a model persist at the local level in some regions such as Tatarstan or Kalmykiya

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Economy under Putin

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Russian Federation

The "Catching up" Cycles
"Non-organic" Reforms
Great Leap to Capitalism
Russia's Privatization
Deformed Capitalism
Coping with Transition
The Yeltsin Era
Yeltsin's Legacy
Putin's Plan
Russian Federalism
The Chechen Problem
"Deprivatizing" the State
First and Second Dumas
Third and Fourth Dumas
Civil Society
"Controlled" Democracy

Post-Soviet Geopolitics

Paradoxes of Russian Mentality
Economy under Putin
The Putinite Order
Putin's Choice
People Speak (Opinion Polls)
Tables and Statistics

Russia from A to Z

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