Russian President Vladimir Putin’s assertive foreign policy stance of recent years reflects the confidence that comes with a booming economy. In 1999, the year before Putin succeeded Boris Yeltsin as president, Russia’s GDP was a paltry $200 billion. By last year, it had reached $1 trillion. Real growth has averaged 7% for eight years, and real incomes have grown by roughly 10% per year. Russia’s budget surplus has stood at more than 7% of GDP in the last two years, public debt has dwindled to only 8% of GDP, from 100% in 1999, and the current account surplus has averaged at 10% of GDP for the last eight years.
Russian President Vladimir Putin’s assertive foreign policy stance of recent years reflects the confidence that comes with a booming economy. In 1999, the year before Putin succeeded Boris Yeltsin as president, Russia’s GDP was a paltry $200 billion. By last year, it had reached $1 trillion. Real growth has averaged 7% for eight years, and real incomes have grown by roughly 10% per year. Russia’s budget surplus has stood at more than 7% of GDP in the last two years, public debt has dwindled to only 8% of GDP, from 100% in 1999, and the current account surplus has averaged at 10% of GDP for the last eight years.