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IG, UNOMSIL, UNPREDEP, UNTSO, UPU, WFTU, WHO, WIPO, WMO, WToO, WTrO (applicant), ZC Diplomatic representation in the US: chief of mission: Ambassador Yuliy Mikhaylovich VORONTSOV chancery: 2650 Wisconsin Avenue NW, Washington, DC 20007 consulate(s) general: New York, San Francisco, and Seattle Diplomatic representation from the US: chief of mission: Ambassador James F. COLLINS embassy: Novinskiy Bul'var 19/23, Moscow mailing address: APO AE 09721 consulate(s) general: St. Petersburg, Vladivostok, Yekaterinburg Flag description: three equal horizontal bands of white (top), blue, and red Economy Economy--overview: Seven years after the collapse of the USSR, Russia is still struggling to establish a modern market economy and achieve strong economic growth. Russian GDP has contracted an estimated 43% since 1991, including a 5% drop in 1998, despite the country's wealth of natural resources, its well-educated population, and its diverse--although increasingly dilapidated--industrial base. By the end of 1997, Russia had achieved some progress. Inflation had been brought under control, the ruble was stabilized, and an ambitious privatization program had transferred thousands of enterprises to private ownership. Some important market-oriented laws were also passed, including a commercial code governing business relations and an arbitration court for resolving economic disputes. But in 1998, the Asian financial crisis swept through the country, contributing to a sharp decline in russia's earnings from oil exports and resulting in an exodus of foreign investors. Matters came to a head in August 1998 when the government allowed the ruble to fall precipitously and stopped payment on $40 billion in ruble bonds. Ongoing problems include an undeveloped legal and financial system, poor progress on restructuring the military-industrial complex, and persistently large budget deficits, largely reflecting the inability of successive governments to collect sufficient taxes. Russia's transition to a market economy has also been slowed by the growing prevalence of payment arrears and barter and by widespread corruption. The severity of Russia's economic problems is dramatized by the large annual decline in population, estimated by some observers at 800,000 people, caused by environmental hazards, the decline in health care, and the unwillingness of peop
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