International organization participation: APEC, ARF (dialogue partner),
ASEAN (dialogue partner), BIS, BSEC, CBSS, CCC, CE, CERN (observer), CIS,
EAPC, EBRD, ECE, ESCAP, G- 8, IAEA, IBRD, ICAO, ICC, ICFTU, ICRM, IDA,
IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM (observer), ISO, ITU,
LAIA (observer), MINURSO, MONUC, NAM (guest), NSG, OAS (observer), OPCW,
OSCE, PCA, PFP, UN, UN Security Council, UNAMSIL, UNCTAD, UNESCO, UNHCR,
UNIDO, UNIKOM, UNITAR, UNMEE, UNMIBH, UNMIK, UNMOP, UNMOVIC, UNOMIG,
UNTAET, UNTSO, UPU, WFTU, WHO, WIPO, WMO, WToO, WTrO (observer), ZC
Diplomatic representation in the US: chief of mission: Ambassador Yuriy
Viktorovich USHAKOV FAX: [1] (202) 298-5735 consulate(s) general: New
York, San Francisco, and Seattle telephone: [1] (202) 298-5700, 5701,
5704, 5708 chancery: 2650 Wisconsin Avenue NW, Washington, DC 20007
Diplomatic representation from the US: chief of mission: Ambassador
Alexander VERSHBOW embassy: Bolshoy Devyatinskiy Pereulok No. 8, 121099
Moscow mailing address: APO AE 09721 telephone: [7] (095) 728-5000 FAX:
[7] (095) 728-5203 consulate(s) general: Saint Petersburg, Vladivostok,
Yekaterinburg
Flag description: three equal horizontal bands of white (top), blue, and red
Economy Russia
Economy - overview: A decade after the implosion of the Soviet Union in December 1991, Russia is still struggling to establish a modern market economy and achieve strong economic growth. In contrast to its trading partners in Central Europe - which were able to overcome the initial production declines that accompanied the launch of market reforms within three to five years - Russia saw its economy contract for five years, as the executive and legislature dithered over the implementation of many of the basic foundations of a market economy. Russia achieved a slight recovery in 1997, but the government's stubborn budget deficits and the country's poor business climate made it vulnerable when the global financial crisis swept through in 1998. The crisis culminated in the August depreciation of the ruble, a debt default by the government, and a sharp deterioration in living standards for most of the population. The economy subsequently has rebounded, growing by an average of more than 6% annually in 1999-2001 on the back of higher oil prices and a weak ruble. This recovery, along with a renewed government effort in 2000 and 2001 to advance lagging structural reforms, have raised business and investor confidence over Russia's prospects in its second decade of transition. Yet serious problems persist. Russia remains heavily dependent on exports of commodities, particularly oil, natural gas, metals, and timber, which account for over 80% of exports, leaving the country vulnerable to swings in world prices. Russia's industrial base is increasingly dilapidated and must be replaced or modernized if the country is to achieve sustainable economic growth. Other problems include widespread corruption, lack of a strong legal system, capital flight, and brain drain.
GDP: purchasing power parity - $1.2 trillion (2001 est.)
GDP - real growth rate: 5.2% (2001 est.)
GDP - per capita: purchasing power parity - $8,300 (2001 est.)
GDP - composition by sector: agriculture: 7% industry: 37% services: 56% (2000 est.)