Ahmed
...ticeably increasing role. Russia has also improved its international financial position since the 1998 financial crisis, with its foreign debt declining from 90% of GDP to around 28%. Strong oil export earnings have allowed Russia to increase its foreign reserves from only $12 billion to some $80 billion. These achievements, along with a renewed government effort to advance structural reforms, have raised business and investor confidence in Russia's economic prospects. Economic problems Oil, natural gas, metals, and timber account for more than 80% of exports, leaving the country vulnerable to swings in world prices. Russia's industrial base is increasingly dilapidated and must be replaced or modernized if the country is to maintain vigorous economic growth. Other problems include a weak banking system, a poor business climate that discourages both domestic and foreign investment. In 2003 a string of investigations launched against a major Russian oil company Ukos, culminating with the arrest of its CEO, just shows that the government wants to have a substantial control over the economy. Another problem to some extent that can slow Russia’s globalisation drive are fishing [$ 633 million, 1997] and agricultural [1 % of nation’s GDP, 2002] subsidies. Government structure A democratic, federative, law based state with a republican form of government. Part B > Affects Of Globalisation On Russia Trade > Direction and composition Overall exports - $134.4 billion [2003 est., 17th largest exporter in the world] Export commodities - petroleum and petroleum products, natural gas, wood and wood products, metals, chemicals, and a wide variety of civilian and military manufactures. Export partners - Germany 8.4%, Italy 6.2%, China 5.8%, Ukraine 5.7%, Belarus 5.7%, Netherlands 5.6%, Switzerland 5%, US 4.6% [2003 est.] Overall imports - $74.8 billion [2003 est., world rank – 22] Import commodities - machinery and equipment, consumer goods, medicines,...