The Russian economy is developing successfully, and it is one of the developed nations.
Russia became the 156th member of the World Trade Organization. This is an important
step towards integration into the global economy. Currently, one of the top priorities
of the Russian Federation's government is to implement a stable and responsible economic
policy that primarily aims to increase the nation's appeal to investors.
Measures have been taken to improve the legal framework,
streamline the relationship between investors and the Government, reduce the tax burden
on businesses. According to figures from the Russian customs office, Russia's reliance
on commerce with Asia increased significantly in 2023 while its business with European
markets fell. Asia accounted for 72% and 68% of Russia's exports and imports,
respectively. The Russian republic, by virtue of its great size and abundant natural
resources, played a leading role in the economy of the Soviet Union these resources made
possible great economic advances, including the rapid development of mining, metallurgy,
and heavy engineering, the expansion of the railway network, and a massive increase in
the energy supply.
Russia's defence sector generates a lot of jobs and is
a strategically significant business. It is a major participant in the worldwide
armaments market as well. Given the vast variety of weaponry systems that Russia
exports, its portfolio is quite strong and diverse. In addition to being the world's top
producer of barley. The Russian government has made it a priority to increase domestic
production of agricultural equipment and is providing manufacturers incentives to
localize as part of its strategy to achieve the goals of having 80% of agricultural
machinery used in Russia. The 12 largest economies in the world includes all Group of
Seven (G7) economies, as well as four of the BRICS economies, and South Korea.
Russia's attitude towards other states and interstate associations is contingent on the
constructive, neutral or unfriendly character of their policies with respect to the
Russian Federation. The growth of national consciousness, cultural and civilizational
diversity and other objective factors accelerate the process of shifting the development
potential to new centres of economic growth and geopolitical influence and promote the
democratization of international relations. The majority of humanity is interested in
having constructive relations with Russia and in strengthening Russia's positions on the
international scene as an influential global power making a decisive contribution to
maintaining global security and ensuring peaceful development of states.
