Contemporary World Economy and Russia

Abstract

The author analyses the forecast of the world economy performance provided in the early 1970s by the UN group of experts under W. Leontief leadership and compares it with contemporary world economic indicators. The conclusion is that the forecast was too optimistic: the world economy didn't manage to reach the suggested rates of economic growth. Russia and other transition economies suffered of great recession in the 1990s but now are stepping on the path of economic growth based on integration in the globalized world economy. One of the main factors of achieving that goal is WTO accession.