Table of contentsIntroductionEconomic strengths and foundationsRich natural resource endowmentDiversification of economic sectorsEconomic challenges and structural problemsOverreliance on resource exportsInstitutional weaknesses and corruptionNavigating international economic challengesConclusionIntroductionThe Russia's economic landscape in the years 2023-2024 presents a complex picture of strengths, weaknesses and ongoing challenges. It is a nation richly endowed with natural resources, including oil, gas, minerals and timber, which have always been the engine of its economic growth. However, Russia's overreliance on resource exports and structural problems pose significant challenges. Furthermore, the war in Ukraine has had profound consequences on the Russian economy, both in terms of sanctions and geopolitical tensions. Understanding this economic context is crucial to understanding the intricacies of Russia's politics, society, and international relations. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”?Get the original essayEconomic Strengths and FoundationsRich Natural Resource EndowmentRussia's economic strength lies in its vast reserves of natural resources. It is one of the world's leading producers and exporters of oil, natural gas, minerals and timber. These resources have played a vital role in generating revenue and shaping Russia's global economic position. Revenues from resource exports have strengthened the country's foreign exchange reserves and contributed to its economic growth, even during periods of global economic volatility. The oil and gas sector, in particular, has been a major driver of the Russian economy. It has generated substantial revenues, employment opportunities and investments in infrastructure and technology. Russia's role as a global energy supplier has also given it significant geopolitical influence. However, over-reliance on this sector poses risks, as it leaves the economy vulnerable to fluctuations in global commodity prices and energy demand. Diversification of economic sectors Aware of the limits of an economy heavily dependent on resource exports, Russia has undertaken efforts to diversify its economic sectors. This includes the development of agricultural, manufacturing and high-tech industries. The aim is to reduce vulnerability to fluctuations in global commodity prices and transition to a more diversified and knowledge-based economy. Agriculture has shown promising growth, with Russia becoming a major exporter of wheat and other agricultural products. The manufacturing sector has also expanded, with emphasis on the production of goods for domestic consumption and export. The development of high-tech industries, including aerospace and IT, is a priority for strengthening Russia's competitiveness in the global market. These diversification efforts are essential for long-term economic stability and reducing dependence on resource exports.Economic Challenges and Structural IssuesOverreliance on Resource ExportsDespite diversification efforts, the Russian economy remains heavily dependent on resource exports. This overdependence poses significant challenges, as the country's prosperity is closely linked to global prices..