The economy comparison requires the researcher to analyze the information on unemployment, currency and exchange rate, and foreign trade. The unemployment rate is the indicator demonstrating the percentage of a country’s jobless labor force. The recent statistical data reveals that Russia’s unemployment rate was 4.8% in June 2021 (Russia unemployment rate, 2021). The statistics show that the percentage of jobless individuals in the United States decreased by 0.5 points and equaled 5.4% in July 2021 (United States unemployment rate, 2021). The findings suggest that the unemployment rate of the Russian Federation is slightly lower than the percentage of the United States, which means Russia surpasses the US in terms of engagement in the labor market.
Russia’s national currency is the Russian ruble (RUB) issued by the Central Bank. According to Bloomberg (n.d.), the USD to RUB exchange rate is 74.4355. Russia uses a floating exchange rate regime, which means that its rate against foreign currencies depends on the market demand rather than the government or the Central Bank. The country’s main trading partners are China, the Netherlands, Germany, Belarus, and Turkey (WITS, n.d.). Considering Russia’s abundant natural resources, such as crude oil and gas, foreign investment is important, and the value of foreign direct investment (FDI) was $31 billion in 2019 (The World Bank, n.d.). The country had a trade surplus of $18 billion in June 2021 because of high exports of natural resources and services, contributing 28.31% of the GDP (WITS, n.d.). Overall, based on the information on unemployment and trade, it might be concluded that the Russian Federation has a stable economy and offers favorable investment opportunities. The assessment of the country’s growing rates of annual inflation above the Central Bank’s target suggests that the trend might continue and negatively impact the economy.
References
Bloomberg. (n.d.). USD to RUB exchange rate. Web.
Russia unemployment rate. (2021). Trading Economics. Web.
The World Bank. (n.d.). Foreign direct investment, net inflows (BoP, current US$). The World Bank. Web.
United States unemployment rate. (2021). Trading Economics. Web.
WITS. (n.d.). Russia trade. WITS. 2021, Web.