Editing Economy of Russia (section)

===2009–2014===
[[File:Standard & Poor’s rating dynamics Russia.png|thumb|Changes in the credit rating (foreign) of Russia, [[Standard & Poor's]]]]
Russian banks were affected by the [[2008 financial crisis]], though no long term damage was done due to a proactive and timely response by the government and central bank.<ref>{{cite web|author1=Jarko Fidrmuc|author2=Philipp Johann Süß|title=The Outbreak of the Russian Banking Crisis|publisher=University of Munich|url=https://epub.ub.uni-muenchen.de/10996/1/LMU0916-Rucrisis.pdf|date=September 2009|access-date=26 July 2014|archive-date=12 August 2016|archive-url=https://web.archive.org/web/20160812014351/https://epub.ub.uni-muenchen.de/10996/1/LMU0916-Rucrisis.pdf|url-status=live}}</ref><ref>{{cite news|url=https://www.theguardian.com/business/2008/oct/13/creditcrunch-marketturmoil1|work=[[The Guardian]]|title=Financial crisis: action taken by central banks and governments|date=21 October 2008|access-date=26 July 2014|archive-date=15 November 2020|archive-url=https://web.archive.org/web/20201115182048/https://www.theguardian.com/business/2008/oct/13/creditcrunch-marketturmoil1|url-status=live}}</ref><ref>{{cite news | url=https://www.reuters.com/article/us-russia-banks-insight-idUSBRE94L07920130522 | work=Reuters | title=Insight: No more easy pickings in Russia's banking market | date=22 May 2013 | access-date=26 July 2014 | archive-date=1 January 2016 | archive-url=https://web.archive.org/web/20160101114511/http://www.reuters.com/article/us-russia-banks-insight-idUSBRE94L07920130522 | url-status=live }}</ref> A sharp, but brief [[Great Recession in Russia|recession in Russia]] was followed by a strong recovery beginning in late 2009.<ref name="WB GDP growth"/>

Between 2000 and 2012, Russia's energy exports fuelled a rapid growth in [[living standards]], with real [[disposable income]] rising by 160%.<ref>{{cite web|url=http://www.gks.ru/bgd/regl/b13_13/IssWWW.exe/Stg/d1/06-05.htm|publisher=Rosstat|language=ru|script-title=ru:ДИНАМИКА РЕАЛЬНЫХ ДОХОДОВ НАСЕЛЕНИЯ|access-date=21 July 2014|archive-date=13 January 2021|archive-url=https://web.archive.org/web/20210113160837/http://www.gks.ru/bgd/regl/b13_13/IssWWW.exe/Stg/d1/06-05.htm|url-status=dead}}</ref> In [[U.S. dollar|dollar]]-denominated terms this amounted to a more than sevenfold increase in disposable incomes since 2000.<ref name="KPMG" /> In the same period, unemployment and poverty more than halved and Russians' self-assessed [[life satisfaction]] also rose significantly.<ref name="challenges_p12">{{cite book|title=Russia After the Global Economic Crisis|url=https://archive.org/details/russiaaftergloba00aslu|url-access=limited|last1=Guriev|first1=Sergei|last2=Tsyvinski|first2=Aleh|publisher=Peterson Institute for International Economics; Centre for Strategic and International Studies; New Economic School|year=2010|isbn=9780881324976|editor=Anders Åslund |editor2=Sergei Guriev |editor3=Andrew C. Kuchins|pages=[https://archive.org/details/russiaaftergloba00aslu/page/n22 12]–13|chapter=Challenges Facing the Russian Economy after the Crisis}}</ref> This growth was a combined result of the [[2000s commodities boom]], [[World oil market chronology from 2003|high oil prices]], as well as prudent economic and fiscal policies.<ref name="Putin 2007">''Putin: Russia's Choice'', (Routledge 2007), by [[Richard Sakwa]], Chapter 9</ref> However, these gains have been distributed unevenly, as the 110 wealthiest individuals were found in a report by Credit Suisse to own 35% of all [[financial assets]] held by Russian [[households]].<ref>{{cite web|url=https://publications.credit-suisse.com/tasks/render/file/?fileID=BCDB1364-A105-0560-1332EC9100FF5C83|title=Global Wealth Report 2013 – Pg. 53|publisher=Credit Suisse|access-date=13 April 2015|archive-url=https://web.archive.org/web/20150214155424/https://publications.credit-suisse.com/tasks/render/file/?fileID=BCDB1364-A105-0560-1332EC9100FF5C83|archive-date=14 February 2015|url-status=dead}}</ref><ref>{{cite news|url=https://www.huffingtonpost.com/2013/10/09/russia-wealth-inequality_n_4070455.html|title=Russia's Wealth Inequality One Of Highest In The World|date=9 October 2013|work=[[Huffington Post]]|access-date=21 July 2014|archive-url=https://web.archive.org/web/20131009154921/http://www.huffingtonpost.com/2013/10/09/russia-wealth-inequality_n_4070455.html|archive-date=9 October 2013}}</ref> Russia also has the second-largest volume of illicit money outflows, having lost over $880 billion between 2002 and 2011 in this way.<ref>{{cite web |url=http://gfintegrity.org/wp-content/uploads/2014/05/Illicit_Financial_Flows_from_Developing_Countries_2002-2011-HighRes.pdf |title=Illicit Financial Flows from Developing Countries: 2002–2011|date=2013 |publisher=Global Financial Integrity|access-date=5 December 2014|archive-date=8 April 2016|archive-url=https://web.archive.org/web/20160408000634/http://www.gfintegrity.org/wp-content/uploads/2014/05/Illicit_Financial_Flows_from_Developing_Countries_2002-2011-HighRes.pdf|url-status=live}}</ref> Since 2008 [[Forbes]] has repeatedly named [[Moscow]] the "billionaire capital of the world".<ref>{{cite magazine|url=https://www.forbes.com/2008/04/30/billionaires-london-moscow-biz-billies-cz_cv_0430billiecities.html|title=Cities Of The Billionaires|last=Vorasarun|first=Chaniga|date=30 April 2008|access-date=21 August 2014|magazine=Forbes|archive-date=17 April 2009|archive-url=https://web.archive.org/web/20090417171221/http://www.forbes.com/2008/04/30/billionaires-london-moscow-biz-billies-cz_cv_0430billiecities.html|url-status=live}}<br />{{cite magazine|url=https://www.forbes.com/sites/ricardogeromel/2013/03/14/forbes-top-10-billionaire-cities-moscow-beats-new-york-again/|title=Forbes Top 10 Billionaire Cities – Moscow Beats New York Again|last=Geromel|first=Ricardo|date=14 March 2013|access-date=21 August 2014|magazine=Forbes|archive-date=15 January 2021|archive-url=https://web.archive.org/web/20210115160142/https://www.forbes.com/sites/ricardogeromel/2013/03/14/forbes-top-10-billionaire-cities-moscow-beats-new-york-again/|url-status=live}}</ref>

In July 2010, Russia, together with Belarus and Kazakhstan, became a founding member of the [[Eurasian Customs Union|Customs Union]] of the [[Eurasian Economic Community]] (EurAsEC), and the [[Eurasian Economic Space|EurAsEC Single Economic Space]], a [[common market]] of the same countries, came into force on 1 January 2012, superseding the bilateral agreements on free trade. At the same time Russia's membership to the [[WTO]] was accepted in 2011.<ref>{{cite web |title=Russia becomes WTO member after 18 years of talks |url=https://www.bbc.com/news/business-16212643 |website=BBC |access-date=26 January 2021 |date=16 December 2011 |archive-date=6 May 2021 |archive-url=https://web.archive.org/web/20210506170131/https://www.bbc.com/news/business-16212643 |url-status=live }}</ref> Russia joined the [[World Trade Organization]] (WTO) on 22 August 2012 after 19 years of negotiations.<ref name="auto5">{{cite web | url=https://www.wto.org/english/thewto_e/countries_e/russia_e.htm | title=WTO &#124; Russian Federation - Member information | access-date=19 June 2023 | archive-date=16 February 2016 | archive-url=https://web.archive.org/web/20160216210915/https://www.wto.org/english/thewto_e/countries_e/russia_e.htm | url-status=live }}</ref><ref>{{Cite web |title=Russia joins WTO after 19 years of talks {{!}} Financial Times |url=https://www.ft.com/content/113bd1be-ec6c-11e1-81f4-00144feab49a |access-date=15 August 2023 |website=www.ft.com |archive-date=18 June 2023 |archive-url=https://web.archive.org/web/20230618173812/https://www.ft.com/content/113bd1be-ec6c-11e1-81f4-00144feab49a |url-status=live }}</ref><ref>{{cite news | url=https://www.theguardian.com/business/economics-blog/2012/aug/22/russia-entry-world-trade-organisation | title=Russia's entry to WTO ends 19 years of negotiations | newspaper=The Guardian | date=22 August 2012 | last1=Elliott | first1=Larry | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618173804/https://www.theguardian.com/business/economics-blog/2012/aug/22/russia-entry-world-trade-organisation | url-status=live }}</ref> On 20 September 2012, the multi-lateral [[Commonwealth of Independent States Free Trade Area|Free Trade Area]] of the [[Commonwealth of Independent States]] (CIS FTA) came into force for Russia and subsequently superseded previous bilateral agreements among 9 participating post-Soviet states.<ref name="auto2">{{cite web | url=https://www.usubc.org/site/member-news/cis-free-trade-agreement-comes-into-force | title=CIS Free Trade Agreement Comes into Force - U.S.-Ukraine Business Council (USUBC) | date=20 October 2012 | access-date=19 June 2023 | archive-date=21 March 2023 | archive-url=https://web.archive.org/web/20230321165528/https://www.usubc.org/site/member-news/cis-free-trade-agreement-comes-into-force | url-status=live }}</ref> In 2015, Russia became a founding member of the [[Eurasian Economic Union]] (EAEU), which replaced EurAsEC and envisaged a supranational [[economic union]] (the deepest stage of [[economic integration]]<ref name="auto3">{{cite web | url=https://publications.gc.ca/Collection-R/LoPBdP/inbrief/prb0249-e.htm | title=Stages of Economic Integration: From Autarky to Economic Union | access-date=19 June 2023 | archive-date=10 October 2022 | archive-url=https://web.archive.org/web/20221010225658/https://publications.gc.ca/Collection-R/LoPBdP/inbrief/prb0249-e.htm | url-status=live }}</ref>).<ref name="auto">{{Cite web|url=http://www.eaeunion.org/?lang=en#about|title=Eurasian Economic Union|website=www.eaeunion.org|access-date=19 June 2023|archive-date=1 April 2020|archive-url=https://web.archive.org/web/20200401235136/http://www.eaeunion.org/?lang=en#about|url-status=live}}</ref>

Rapid GDP and income growth continued until 2013. The most important topic of discussion in the economy for a decade was the [[middle-income trap]]. In 2013, the [[World Bank]] announced that Russia had graduated to a [[high-income economy]] based on the results of 2012<ref>{{cite web | url=https://blogs.worldbank.org/opendata/new-country-classifications | title=New Country Classifications | date=2 July 2013 | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618173811/https://blogs.worldbank.org/opendata/new-country-classifications | url-status=live }}</ref><ref name=WB2013>{{cite web|url=http://data.worldbank.org/about/country-and-lending-groups|archive-url=https://web.archive.org/web/20140702131322/http://data.worldbank.org/about/country-and-lending-groups|archive-date=2 July 2014|title=Country and Lending Groups|publisher=World Bank|access-date=1 July 2013}}</ref><ref>{{cite web | url=https://www.iep.ru/en/world-bank-updates-its-country-classification-by-gni-per-capita.html | title=World Bank updates its country classification by GNI per capita | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618173812/https://www.iep.ru/en/world-bank-updates-its-country-classification-by-gni-per-capita.html | url-status=live }}</ref> but in 2016 it was reclassified as an [[upper-middle income economy]]<ref>{{cite web | url=https://blogs.worldbank.org/opendata/new-country-classifications-2016 | title=New country classifications by income level: 2016-2017 | date=July 2016 | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618202633/https://blogs.worldbank.org/opendata/new-country-classifications-2016 | url-status=live }}</ref><ref>{{cite web | url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups | title=World Bank Country and Lending Groups – World Bank Data Help Desk | access-date=26 August 2016 | archive-date=28 October 2019 | archive-url=https://web.archive.org/web/20191028223324/https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups | url-status=live }}</ref> due to changes in the exchange rate of the Russian ruble, which is a [[floating currency]]. While the UN [[Human Development Index]], which assesses progress in the standard of living, health and education, ranks Russia among the '[[List of countries by Human Development Index|very high human development]]' countries.<ref>https://www.europarl.europa.eu/RegData/etudes/BRIE/2022/729375/EPRS_BRI(2022)729375_EN.pdf {{Webarchive|url=https://web.archive.org/web/20230318014833/https://www.europarl.europa.eu/RegData/etudes/BRIE/2022/729375/EPRS_BRI(2022)729375_EN.pdf |date=18 March 2023 }} {{bare URL PDF|date=February 2024}}</ref><ref>{{cite web | url=https://www.statista.com/statistics/877144/human-development-index-of-russia/ | title=Russia HDI 2021 | access-date=19 June 2023 | archive-date=18 June 2023 | archive-url=https://web.archive.org/web/20230618173811/https://www.statista.com/statistics/877144/human-development-index-of-russia/ | url-status=live }}</ref>

Russian leaders repeatedly spoke of the need to diversify the economy away from its dependence on oil and gas and foster a high-technology sector.<ref>{{cite news |url=https://www.nytimes.com/2011/09/25/world/europe/medvedevs-economic-reforms-likely-to-continue-under-putin.html?_r=0 |work=[[The New York Times]] |title=Economic Reforms Likely to Continue Under Putin |date=22 September 2011 |access-date=27 July 2014 |first=Andrew E. |last=Kramer |archive-date=1 April 2019 |archive-url=https://web.archive.org/web/20190401105303/https://www.nytimes.com/2011/09/25/world/europe/medvedevs-economic-reforms-likely-to-continue-under-putin.html?_r=0 |url-status=live }}</ref> In 2012 oil, gas and petroleum products accounted for over 70% of total exports.<ref name="EIA">{{cite web|url=https://www.eia.gov/international/analysis/country/RUS|title=Russia – Analysis|publisher=[[U.S. Energy Information Administration|EIA]]|date=31 October 2017|access-date=17 February 2021|archive-date=17 February 2021|archive-url=https://web.archive.org/web/20210217013340/https://www.eia.gov/international/analysis/country/RUS|url-status=live}}</ref> This economic model appeared to show its limits, when after years of strong performance, the Russian economy expanded by a mere 1.3% in 2013.<ref name="WB GDP growth"/> Several reasons were proposed to explain the slowdown, including a prolonged [[Great Recession in Europe|recession in the EU]], which is Russia's largest trading partner, stagnant oil prices, lack of spare industrial capacity and [[Demographic crisis of Russia#In the economic sphere|demographic problems]].<ref>{{cite web|url=http://cbr.ru/eng/press/PR.aspx?file=16062014_133016eng_dkp2014-06-16T13_22_21.htm|title=On Bank of Russia key rate|publisher=[[Bank of Russia]]|date=16 June 2014|access-date=26 July 2014|archive-date=1 January 2016|archive-url=https://web.archive.org/web/20160101114510/http://cbr.ru/eng/press/PR.aspx?file=16062014_133016eng_dkp2014-06-16T13_22_21.htm|url-status=live}}</ref> Political turmoil in neighbouring [[Ukraine]] added to the uncertainty and suppressed investment.