Russia Economy

Work abroad sounds like an adventure to many people. However, job search in Russia requires more than just the obvious Russia CV with Russia cover letter writing and translation, it requires thorough preparation. You will experience problems that probably did not even come to your mind when you made a decision to get jobs in Russia.

Do not take too lightly the influence work in Russia can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.

Most visits to Russia are trouble-free but you should be aware of the risk of indiscriminate terrorist attacks, which could be against civilian targets, including places frequented by expatriates and foreign travelers like restaurants, hotels, clubs and shopping areas. Demonstrations and protests remain a concern throughout the country. In recent years, the Russian authorities have carried out a number of investigations and operations against terrorist networks.
You should exercise a high level of security awareness and m
onitor local news broadcasts and consular messages. Ensure that your travel documents and visas are current, valid and secured in a safe place. Carry a photocopy of your travel documents in lieu of the originals. Maintain a low profile, vary times and routes of travel, and exercise caution while driving. Making local contacts quickly and seeking support from other expatriates will greatly increase your comfort and safety.

Russia economy - overview: Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy to a more market-based and globally-integrated economy. Economic reforms in the 1990s privatized most industries, with notable exceptions in the energy and defense-related sectors. Growth in 2008 was driven largely by non-tradable services and domestic manufacturing, rather than exports. During the past decade, poverty and unemployment declined steadily and the middle class continued to expand.

In 2011, Russia became the world's leading oil producer, surpassing Saudi Arabia; Russia is the second-largest producer of natural gas; Russia holds the world's largest natural gas reserves, the second-largest coal reserves, and the eighth-largest crude oil reserves. Russia is the third-largest exporter of steel and primary aluminum - and other less competitive heavy industries that remain dependent on the Russian domestic market.

The government since 2007 has embarked on an ambitious program to reduce this dependency and build up the country's high technology sectors, but with few results so far. The economy had averaged 7% growth in the decade following the 1998 Russian financial crisis, resulting in a doubling of real disposable incomes and the emergence of a middle class.

The Russian economy, however, was one of the hardest hit by the 2008-09 global economic crisis as oil prices plummeted and the foreign credits that Russian banks and firms relied on dried up.

The global crisis also affected Russia's banking system, which faced liquidity problems. Moscow responded quickly in early October 2008, initiating a rescue plan of over $200 billion that was designed to increase liquidity in the financial sector, to help firms refinance foreign debt, and to support the stock market. The government also unveiled a $20 billion tax cut plan and other safety nets for society and industry. Meanwhile, a 70% drop in the price of oil since mid-July further exacerbated imbalances in external accounts and the federal budget.

The Central Bank of Russia spent one-third of its $600 billion international reserves, the world's third-largest, in late 2008 to slow the devaluation of the ruble. The government also devoted $200 billion in a rescue plan to increase liquidity in the banking sector and aid Russian firms unable to roll over large foreign debts coming due.

The Russian government needs to diversify the economy further, as energy and other raw materials still dominate Russian export earnings and federal budget receipts. Russia's infrastructure requires large investments and must be replaced or modernized if the country is to achieve broad-based economic growth. Corruption, lack of trust in institutions, and more recently, exchange rate uncertainty and the global economic crisis continue to dampen domestic and foreign investor sentiment.

Russia has made some progress in building the rule of law, but much work remains on judicial reform. Moscow continues to seek accession to the WTO and has made some progress, but its timeline for entry into the organization continues to slip, and the negotiating atmosphere has soured in the wake of the global economic crises.

Russia's long-term challenges include a shrinking workforce, a high level of corruption, difficulty in accessing capital for smaller, non-energy companies, and poor infrastructure in need of large investments.

Labor force - by occupation: agriculture 10.2%, industry 27.4%, services 62.4% (2007 est.); agriculture 12.3%, industry 22.7%, services 65% (2002 est.)

Unemployment rate: 6.8% (2011 est.), 6.2% (2008 est.)

Natural resources: wide natural resource base including major deposits of oil, natural gas, coal, and many strategic minerals, timber note: formidable obstacles of climate, terrain, and distance hinder exploitation of natural resources

Industries: a complete range of mining and extractive industries producing coal, oil, gas, chemicals, and metals, all forms of machine building from rolling mills to high-performance aircraft and space vehicles, shipbuilding, road and rail transportation equipment, communications equipment, agricultural machinery, tractors, and construction equipment, electric power generating and transmitting equipment, medical and scientific instruments, consumer durables, textiles, foodstuffs, handicrafts

RussiaCurrencyCurrency: Ruble (RUB; symbol руб) (Russian - рубль) = 100 kopeks. Notes are in denominations of руб 5,000, 1,000, 500, 100, 50 and 10. Coins are in denominations of руб 10, 5, 2 and 1, and 50, 10, 5 and 1 kopeks. You are not allowed to take any rubles outside the country.

Credit/Debit Cards and ATMs: Major European and international credit and debit cards, including Visa and MasterCard, are accepted in the larger hotels and at foreign currency shops and restaurants, but cash (in Rubles) is more reliable. American Express cards are rarely accepted outside Moscow and St Petersburg. ATMs are widely available

Traveler’s Cheques: Cash is preferred, but must be in the mint condition. If carrying traveler’s cheques, major currencies are accepted in big cities, but US Dollars and Euros are preferred elsewhere.

Exchange rates: Russian rubles (RUB) per US dollar - 28.35 (2011 est.), 30.38 (2010 est.), 31.74 (2009), 24.853 (2008), 25.659 (2007), 27.19 (2006), 28.284 (2005), 28.814 (2004), 31.27 (2002), 29.17 (2001), 28.13 (2000), 24.62 (1999), 9.71 (1998)

Inflation rate (consumer prices): 8.9% (2011 est.), 13.9% (2008 est.)

Other Russia Economy Info

To be successful in your Russian job search and getting a job you want, you need to prepare Russia cover letter and Russia CV which you must email instantly to the prospective employers selected during a job search in Russia.

When you receive an invitation to the Russia job interview, you may apply for the Russia visa and Russia work permit. Then prepare yourself for a job interview and take a look at Russia's dress code because how you dress is one of the most important attributes in not hired for available jobs.

Check the job interview do & don't, job interview tips and other job search skills pages.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the Russian economy info!