The Impact Of The Export Resources Price Change On The Economic Growth Of Russia

In this work, the author tries to show what factors affect the economic growth, in what way the volume of natural resource exports affect it, as well as performs an analysis of the economies of other countries over-abundant in resources. To avoid subjectivity in the evaluation, foreign studies will be analysed, inter alia. The research paper presents the data available in the official independent sources from 2005 to 2014.In the literature review the author presents the theoretical foundations of the economic growth and the results of research into the issue, and analyses the theories that explain the interdependence between the scope of natural resource export and the economic growth, as well as the factors of oil price formation.In the research, the author presents the analysis of the competitiveness of the Russian economy and examines the dependence of its growth on the resource export.After the analysis author reflects the experience of other countries that are over-abundant in resources in overcoming the economic dependence on the export of natural resources; in addition, it contains suggestions as to the introduction of a number of measures in Russia to overcome this dependence.Relevance of the research topic lies in the fact that under the conditions of sanctions and volatility of hydrocarbon prices, the Russian economy needs to get rid of the existing dependence on prices. So far, there has not been much research aimed at understanding the dependence of the economic and institutional development indexes on the resource abundance indexes, specifically in the Russian Federation. The study of these dependences will allow to analyse the problem of excessive dependence of the Russian economy on prices changes and identify new strategies to break away from this dependence.The aim of the research is analysing the dependence of the economic growth of the Russian Federation on price change and the search for possible solutions to reduce this dependence as part of modern national policy. The objectiveof the work lies in identifying the impact of the export resources price change on the economic growth in Russia. The object of researchis the Russian economy. The subject of researchis the price change and it’s impact on the Russian economy.In the research, it is shown that currently Russia is, in fact, a country, the economic growth of which heavily depends on the export of natural resources, and oil in particular.In the author’s opinion the most optimal solution of the problem of dependence is: first of all, change of the tax legislation. Secondly, the funds received from the export of natural resources should be invested into the development of technologies and innovations. It is also possible to change the rights of ownership on oil deposits.