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Russia has a long way to go, but Putin's eight years were noteworthy. Living standards doubled. GDP rose 70%. Nearly all Russia's foreign debt was repaid. About $402 billion in foreign currency reserves were accumulated.
In 2008 dollars, GDP grew from $200 billion in 1999 to $1.26 trillion in 2007. Russia rose from the world's 20th largest economy to seventh ranked. Trade increased from 17% of GDP in 1990 to 48% in 2004.
Being the world's second largest oil producer and largest for natural gas contributed greatly, especially because of skyrocketing energy prices since 2000.
Compared to Yeltsin, his economic record was impressive. Russia was transformed from a basket case to a magnet for foreign investment. Nonetheless, much unfinished business remains, including raising the standard of living for left out millions in society and dealing Russia's deep-seated corruption.
In October 2008, Medvedev said:
"Corruption in our nation has not simply become wide-scale. It has become a common, everyday phenomenon which characterizes the very life of our society. We are not simply talking about commonplace bribery. We are talking about a severe illness which is corroding the economy and corrupting all society."
It's one of many problems Russia faces, challenging him and Putin to address more aggressively. Prosecutions were pursued earlier. Much more needs to be done to combat a problem estimated by some at around $240 billion annually, involving business and bureaucrats.
He and Medvedev may get six more years to do it.
On September 24, New York Times writer Ellen Barry headlined, "Putin Once More Moves to Assume Top Job in Russia," saying:
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