The economic situation in modern Russia has changed more quickly and unexpectedly than any other aspect of the world. Russia was effectively bankrupt when Vladimir Putin became President because it owed the International Monetary Fund (IMF) more money than it had in foreign currency reserves. Since then, Russia has experienced a virtual macroeconomic transition, and it is now one of the world's biggest creditors of US debt. Its nominal dollar GDP has risen by more than a factor of six, and by 2010 it could be worth more than $2 trillion. Over the course of a decade, this degree of growth will result in a nearly tenfold rise in GDP.
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