Economic performance of Russia and India (2010-2012) - Essay Example

Comments (0) Cite this document
Summary
This paper provides comparative analysis of Russia’s and India’s Economic Performance( 2010-2012) Key economic indicators are used to determine the overall economic performance of a country. Their usage also allow to detect whether there is economic growth in each country…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.6% of users find it useful
Economic performance of Russia and India (2010-2012)
Read TextPreview

Extract of sample "Economic performance of Russia and India (2010-2012)"

Download file to see previous pages ate 2012 2011 2010 Russia 6.0% 6.5% 7.5% India 9.9% 9.8% 10% Source: CIA, 2013b; Statista, 2013a, b Gross Domestic Product (GDP) Gross domestic product (GDP) is defined as “the sum of market value of all final goods and services produced in a country during a specfic period of time, generally one year”7 (Dwivedi, 2010, p. 5). In Russia, the country’s GDP has signficantly increased from $2.322 trillion in 2010 up to $2.509 trillion in 20128 (CIA, 2013a). The signficant growth rate in Russia’s GDP somehow explains why this country had a gradually decreasing unemployment rate. Since demand for final goods and services increases, demand for more jobs also increases. In India, the country’s GDP also increased from $4.205 trillion in 2010 as compared to $4.735 trillion in 20129 (CIA, 2013b). In general, the real GDP values considers the impact of inflation rate on GDP whereas a nominal GDP values does not. For this reason, figures that are related to real GDP is considered as a more accurate economic indicator as compared to the nominal GDP values. In line with this, the GDP’s real growth rate in India (5.4% in 2012) is much higher as compared to the GDP’s real growth rate in Russia (3.6% in 2012)10, 11 (CIA, 2013a, b). Gross Domestic Product (GDP) 2012 2011 2010 Russia $2.509 trillion $2.422 trillion $2.322 trillion India $4.735 trillion $4.492 trillion $ 4.205 trillion Source: CIA, 2013a, b GDP – Real Growth Rate 2012 2011 2010 Russia 3.6% 4.3% 4.3% India 5.4% 6.8% 10.1% Source: CIA, 2013a, b The per capita real GDP is part of the macroeconomic indicator that focuses on dividing the real GDP with the number of population in each country12 (Boyes and Melvin, 2013, p. 359). As of 2013, the total population in Russia is only 141.44 million as compared to...
This paper is the best example of comparison of economic development of India and Russia in terms of economic growth during 2010-2012
Key economic indicators are commonly used to determine the overall economic performance of a country. Using marcro-economic indicators such as unemployment rate, inflation rate, and balance of payment among others, it is possible to detect whether or not there is an economic growth in each country.
Economic growth is defined as the increase in production of goods and services that occurs over long periods of time
This report is composed of two major parts. The firts part will focus on applying and discussing the significance of macro-economic indicators such as unemployment rate, inflation rate, balance of payment, exchange rate, and growth indicators like gross domestic product (GDP) in the case of Russia and India. The second part focus on discussing the domestic and foreign factors which triggers fluctuations in some of these economic indicators.
Unemployment rate is defined as the number of unemployed people who want to have a job but do not have one Gross domestic product (GDP) is defined as the sum of market value of all final goods and services produced in a country during a specfic period of time, generally one year Inflation rate is defined as the percentage change in some measure of the price level from one period to the next the balance of payment is defined as the “statistical statement that systematically summarizes, for a specific period of time, the economic transactions of an economy with the rest of the world
The research conducted clearly shows that Russia was benefiting from a good economic growth whereas India was experiencing a worst economic growth.
...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Economic performance of Russia and India (2010-2012) Essay”, n.d.)
Economic performance of Russia and India (2010-2012) Essay. Retrieved from https://studentshare.org/macro-microeconomics/1470210-economic-performance-of-russia-and-india-2010-2012
(Economic Performance of Russia and India (2010-2012) Essay)
Economic Performance of Russia and India (2010-2012) Essay. https://studentshare.org/macro-microeconomics/1470210-economic-performance-of-russia-and-india-2010-2012.
“Economic Performance of Russia and India (2010-2012) Essay”, n.d. https://studentshare.org/macro-microeconomics/1470210-economic-performance-of-russia-and-india-2010-2012.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Economic performance of Russia and India (2010-2012)

Health Economic summer 2010

..., it is suggested to spend more money on such programmes and in case the reverse is happening, further investment can be put on hold. The CBA approach is appealing and genuine but it is a complex mechanism to perform appraisal because monetary terms are involved for evaluating health and economic viability of conducting genetic tests. Economists’ evaluations not recommended previously can be attempted as has been done to measure the changed impact of taxation on drinking alcohol and smoking of cigarettes to further the research on it (Kelly et al. 2005). Gordon et al. (2010) have used two strategic models for a hypothetical cohort of chain smokers above 50 years of age. By selecting...
5 Pages(1250 words)Essay

China Versus India Economic Growth

.... According to Chow (2001), China has excellent infrastructural systems in relationship to India. In my opinion, China has a well developed transport and railway network running throughout the country (Runckel, 2002). The country has developed expressways making the container transportation effective (Roche, 2010). By late 2006, according to Roche (2010), the country had six provinces with close to 2000 (km) of expressway. Also, the length of the country’s railway system is over 77 000 (km), ranking it third in the globe, next to America and Russia. This does not only make production of goods possible, but it also facilitates the movement of various raw materials to the...
4 Pages(1000 words)Research Paper

Economic Performance of UK

...Contents Contents Introduction 2 Recent Economic Performance of UK 3 Inflationary Pressures 4 Lowering Interest rates 5 Conclusion 6 Bibliography 7 Introduction Most developed nations of the world including US and UK are experiencing an economic meltdown causing serious economic problems for both the countries. The results of such an economic meltdown are serious because it not only affected the financial system, but it has been also serious hampered the economic growth. The credit crunch has been serious created the shortfall of banking credit to firms to fund their expansion plans as well as working capital needs, but it has also put extra pressures on the resources of the financial institutions as especially banks... can be...
6 Pages(1500 words)Coursework

US Economic Performance

...US Economic Performance US Economic Performance To keep up with the global challenges the nation is facing, the Bush administration has set national economic targets for the current year. These targets include an upward movement in its real Gross Domestic Product (GDP) growth rate, a consumer price index (CPI) below 2%, and an unemployment rate under 5%. This paper examines the economic performance of US in view of the abovementioned economic objectives. As at end-April 2005, US posted a GDP growth of about 3.1% quarter-on-quarter (“Statistics”). The increase in GDP is attributed to the...
2 Pages(500 words)Essay

Economic Analysis-India

...and Political Stability Security is one factor that affects trade and business across the world. India, being a democracy with a stable government and political system, has an environment suitable for conducting every kind of legal business – the fashion industry being no exception. Nationals in this country therefore retain the right of choice and are not restricted from selling or wearing any type, kind or brand of decent clothing. Further, the country’s security is generally above board with cases of insecurity both in towns and rural areas remaining significantly low. This stable condition has seen businesses across the country actively grow with economic factors of demand and supply playing...
4 Pages(1000 words)Essay

Assessing Economic Performance

...Assessing economic performance Task: Introduction This write up seeks to make an in-depth comparison of two nations based oncertain parameters. The parameters include gross domestic product (GDP), level of technological advancements, economic growth and government system. These parameters will enable this write-up to reveal key disparities between the two countries. The above parameters are paramount in the evaluation of the success of any nation. As such, they will form the basis of comparison between the two nations. The two nations subject to this comparison are America and India. The first nation is the world superpower while the latter is a second world nation with...
2 Pages(500 words)Essay

The BRIC (Brazil, Russia, India and China) countries are increasingly important in international business. In this case briefly describe the economy of the BRIC countries and identify reasons why the BRIC countries are growing in importance

...performing nation within BRICS, economic growth over the last few years and advances in areas such as technology, health, and education have helped the nation gain recognition for being a key strategic area for business over the next few decades. Relevance of BRIC Summits Although the first annual BRIC summit was not held until 2009, the foreign ministers of the BRIC nations had been meeting on a regular basis in New York during the United Nations General Assembly (Ministry of External Affairs, Government of India, 2012). Since the first BRIC summit in Yekaterinburg, Russia in 2009, the summit has been held in Brasilia, Brazil in 2010,...
10 Pages(2500 words)Term Paper

Russia and China Economic Transitions

...than 80% of the Russians were living below the poverty levels which were topped by the complete crashing of the Russian’s economic system. However, when Vladmir Putin ascended to power in 1999, he set to continue the transition from the planned to the free economic system. He re-acquired the corporations from the few who had grabbed them by re-nationalizing them before selling them in the right manner to the private sector. He also deregulated the market so that the transition can take place. As a result, Russia’s economy started growing again with the GDP growing 6 times from 1999 to 2002. As of 2012, Russia had the tenth largest economy which is...
8 Pages(2000 words)Essay

The Economic development of Russia 1929-1945

...The Economic Development of Russia 1929-1945 By [Full 5th April [Lecturer’s and Number] The time period 1929-1945 saw a lot of changes happen, the world over. The main cause of the change was the Second World War which took place between 1939 and 1945. This was a crucial time for the Soviet Union which was primarily agrarian prior to this time. The shift of power into the hands of Joseph Stalin ultimately proved to be a good thing economically because significant change took place under his rule. This paper details the shifts in economic activities and the enactment of policies that led to the ultimate recognition of the Soviet Union as a...
12 Pages(3000 words)Essay

Compare between Russia and America in Economic

...: United States”). On the other hand, Russian economy had to undergo significant changes and reforms following the collapse of Soviet Union that in turn helped the economy become intensively market based. The reforms Russia had to witness during the early 90’s of privatization have led to significant alterations in its economic model overall (OECD, “OECD Economic Surveys: Russian Federation”; “OECD Economic Surveys: United States”). Thus, while America’s economic growth model remained concentrated on evaluating and encouraging the key determinants of productive capitalism, for Russia, its structural reforms due to external forces became a...
20 Pages(5000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Economic performance of Russia and India (2010-2012) for FREE!

Contact Us