The economic development of the Russian Federation

Rasoulinezhad, Ehsan; Halil Eksi, Ibrahim

doi:10.22059/jcountst.2024.370813.1097

The economic development of the Russian Federation

Document Type : Original

Authors

Ehsan Rasoulinezhad ¹

Ibrahim Halil Eksi ²

¹ Department of Iranian and World Studies, Faculty of World Studies, University of Tehran, Tehran, Iran.

² Business Department, Faculty of Economics, Gaziantep Univeristy, Gaziantep, Turkey.

10.22059/jcountst.2024.370813.1097

Abstract

Economic development is considered one of the key yet elusive concepts in the field of economics. Russia has, throughout previous centuries, contemplated the trajectory of its development and has undergone rapid or gradual processes under various temporal challenges. The objective of composing this article is to conduct a multidimensional analysis of economic development in the Russian Federation during 2000-2022, considering the question: "Given the external crises in the past two decades, which facet of Russia's economic development has experienced more pronounced progress?" In response to this question, a hypothesis is posited that the speed of welfare-oriented economic development should receive greater attention from the Russian federal government due to the socio-economic conditions in Russia. In this article, an innovative conceptualization of economic development is undertaken, encompassing three facets: energy-oriented economic development, knowledge-oriented economic development, and welfare-oriented economic development. Utilizing the principal component analysis method and radar chart to analyze the trends of these three facets, the results indicate that both energy and knowledge dimensions of Russia's economic development have shown increasing trends from 2000 to 2022. However, the welfare dimension in the country has experienced a declining trend during this period. Moreover, the highest growth rate in the dimensions of economic development is attributed to the knowledge dimension, with its value escalating from 1.74 in 2000 to over 5.78 in 2022. This significant surge in the knowledge dimension signifies Russia's entry into a knowledge-oriented development over the past two decades. This development, grounded in information and communication technology, has the potential to bring about profound changes that transcend geographical and temporal constraints, bestowing the gifts of development across the geographical expanse of the country. The findings underscore the transformative trajectory of Russia's economy toward knowledge-centric modalities, indicative of a significant evolution in the nation's developmental ethos over the specified period.

Keywords

energy-centric development

knowledge-based development

multidimensional economic development

principal component analysis

welfare-centric development

Russian Federation

Subjects

Economics

حوزة موضوعی: بریکس

Scope: BRICS

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