The
Russian Federation
In 2000, Vladimir Putin became president. International observers were alarmed
by, averaging 6.7% annually since the financial crisis of 1998. Russia ended
2006 with its eighth straight year of growth.
In 2008 Dmitri Medvedev, was elected new President of Russia.
Although high oil
prices and a relatively cheap ruble initially drove this growth, since 2003
consumer demand and, more recently, investment have played a significant role.
Russia is well ahead of most other resource-rich countries in its economic
development, with a long tradition of education, science, and industry.
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