Research On The Impact Of International Oil Price Decline On Russian Economy

Russia is an important new economy in the world and the only country in the world where all energy sources can be self-sufficient.Resources are an important factor in the rise of the economy during the Putin period and one of the key factors affecting the basic direction of its internal affairs and diplomacy.Since the implementation of market-oriented reforms,its economic development has achieved great success.Per capita GDP,foreign trade,foreign exchange reserves and other important economic indicators have greatly improved.The people's lives have also been improved to some extent.However,although its economic development has achieved certain achievements,it still does not break away from the constraints of economic development such as a single economic structure,low efficiency,and heavy reliance on energy exports.In particular,Russia,as a big energy country,has always paid attention to its oil trade as one of the pillars of its economic development.However,in recent years,with the intensification of the impact of the international oil price falling on the channel,the Russian economy has exposed a series of problems,which has brought about a significant impact on its own economic development and people's living and welfare levels.In the past,talking about the impact of oil price fluctuations in Russia's economy,most of them started from their negative effects and studied the negative impact of falling oil prices on their domestic economies.As for the positive impact of the drop in oil prices on the Russian economy,there is little research.This article starts with the positive and negative effects of the fall in oil prices on the Russian economy,and explores the depth and breadth of this impact,and the resulting economic development changes and volatility.First,this article explores the negative impact of the decline in international oil prices on the Russian economy.According to statistics,35% of the budget of the Russian Federation comes from the oil and gas industry.The excessive share of energy output in fiscal revenue and GDP growth has affected the sustainability of Russia's economic growth.As a result of the drop in oil prices,Russia's foreign trade revenue has fallen sharply.This has led to a series of problems such as the government's tight financial resources,declining employment rates,and falling levels of people's welfare.Many drawbacks in economic development have also been revealed.This article starts with thespecific data and deeply draws the results of this impact,laying the foundation for future proposals.Second,the paper also discusses the positive impact of the decline in international oil prices on the Russian economy.The drop in international oil prices forced Russia to reform its economic structure and get rid of the economic development model that relied heavily on oil exports.Specifically,it is reflected in various aspects such as economic restructuring,changes in development methods,and technological innovation.This shift will,to some extent,dilute the negative impact of the drop in international oil prices on its economic growth,which is a favorable factor.Finally,the paper proposes countermeasures and suggestions for the abovementioned negative impact and positive impact.In the primary industry: This article suggests that the government strive to increase the efficiency of agricultural production.Increase the government's subsidies for agriculture and increase the efficiency of agricultural production.It also proposes to change the past situation in which heavy production and light circulation are lagging behind the development of the service industry,vigorously increase the proportion of the tertiary industry in the national economy,improve independent innovation capabilities,and expand employment and other targeted countermeasures.