Economy of Russia

economy of the country

The economy of Russia has gradually transformed from a planned economy into a mixed market-oriented economy. It has enormous natural resources, particularly oil and natural gas. In 2023, it was the world's 11th-largest economy by nominal GDP, 6th-largest by purchasing power parity (PPP) according to IMF, and 5th-largest according to World Bank. Due to a volatile currency exchange rate, Russia's GDP as measured in dollars fluctuates sharply. Russia was the last major economy to join the WTO, becoming a member in 2012.


  • At the end of Soviet times, some talked about creating “socialism with a human face.”. But now, Russia instead has created “capitalism with an inhuman face,” a system in which the worst features of capitalism have been exacerbated and its best minimized or eliminated, [economist] Igor Nikolayev says.