Conditionalities of the economic growth in the Russian Federation
The subject of the paper touches upon the factors determining conditionalities of the economic growth in the Russian Federation. Huge amounts of natural resources: natural gas and petroleum, have became a new, economic and (more frequently) political weapon of the Russian Federation. The aim of the paper is to analyse the role of fuels as one of the major sources of economic growth in the Russian Federation. The first part of the paper presents theoretical issues concerning what the economic growth is and factors, which have impact on this growth. The second part describes the Russian Federation’s economic growth in the years 2007–2008, based on the data available on the official web page of the Ministry for Economic Development of the Russian Federation. The Russian Federation is one of the countries with enormous quantity of mineral resources. They are exported to various outlets which guarantee Russia its position in the world. The Russian Federation is the leading exporter of petroleum among the countries outside the OPEC cartel. For the past few years the income from energy resources export has been multiplied, leading to the trade surplus. However, the current economic crisis may discourage the economic growth, since the threat to the development of Russia’s economy constitutes price reduction of strategic resources on global commodity market.