Economic Update: U.S. Contemplates New Economic Stimulus Packages For United States And Republic Of Georgia; Russia Plans To Rebuild South Ossetia

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"Georgian officials, speaking privately, said the country has suffered hundreds of millions of dollars in damage and estimated that double-digit growth figures for gross domestic product may plummet, at least in the short term, to 3 percent.

Matthew Bryza, the U.S. State Department's special envoy to the region, told reporters here that Washington was working on a major aid package to stimulate growth and "maintain stability." He didn't put a dollar amount on the assistance or say whether it would be structured as loans, grants or both. Russian Prime Minister Vladimir Putin, meanwhile, has offered the equivalent of about $400 million to rebuild South Ossetia....

Gori's university and post office were burning Tuesday afternoon."

Source: Washington Post, August 13, 2008

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The Russian Federation gross domestic product increased from approximately $200 billion in 1999 to about $1.2 trillion in 2007; just under one-tenth the size of the U.S. gross domestic product last year. The Russian Federation economy, in 2025, is expected to be the fifth largest in the world, behind the European Union, the U.S., China, and Japan; or, alternatively, the U.S., China, Japan, and Germany.

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Russian Federation Sets Up a National Statistical System for International Development Aid Assistance

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Uplistsikhe Cave City near Gori, Republic of Georgia, August 6, 2006 at 7:35 AM. [above and below]














Photo credits: (c) Nicolai Bangsgaard [header] and Kobar via Wikipedia Commons. With thanks.