For the 1st year extramural students of economics

Read and translate the text. Write out the main terms, describing the Russian economy.

The economy of Russia

The economy of Russia is the eighth largest economy in the world by nominal value and the sixth/ fifth largest by purchasing power parity (PPP).
The Russian economy is currently labeled a developing one by the International Monetary Fund and the World Bank. The country has an abundance of natural resources, including timber, precious metals, and particularly fossil fuels (oil, natural gas, and coal) that can be developed without the constraint of OPEC production quotas and other rules (Russia is not an OPEC member).
In recent years, Russia's oil and gas production and pipeline projects have been not only a primary source of Russia's economic growth but also a geostrategic lever in the country's relationship with Europe and Asia.

Since the collapse of the Soviet Union, Russia has undergone significant changes, moving from a centrally planned economy to a more market-based and globally integrated economy. Economic reforms of the shock therapy in the late 1980s and during 1990s privatized many sectors of industry and agriculture, with notable exceptions in the energy and defense-related sectors. Nonetheless, the rapid privatization process, including a much criticized "loans-for-shares" scheme that turned over major state-owned firms to politically connected "oligarchs", has left equity ownership highly concentrated.
As of 2011, Russia's capital, Moscow, had the highest number of billionaires of any city in the world.
In late 2008 and early 2009, Russia experienced the first recession after ten years of experiencing a rising economy, until stable growth resumed in late 2009 and 2010. Despite the deep but brief recession, the economy has not been as seriously affected by the global financial crisis, largely because of the integration of short-term macroeconomic policies that helped the economy survive, as well as low levels of sovereign debt. The Russian Government predicts growth rates for future years at 2.5% of GDP.