Economic potential is a capacious concept. It includes such components as the country's natural resources, labor and human resources, involved now and potential in the future.
Some comparisons
It is generally accepted that the main economic potential of any country is its people, the creator of material and spiritual values. This is true, but other factors should not be discounted. For example, many Western neighbors sincerely envy the natural wealth of Russia. It occupies a leading position in the world in the extraction and export of wood, oil, gas and many other minerals. But, oddly enough, this in no way affects the standard of living of Russian citizens.
For comparison, take a country like Germany. It does not have vast reserves of natural resources, but it has one of the most highly developed economies in the world and one of the highest living standards of the population.
What is the secret of such success? It seems to be simple. When the country’s economic potential includes “black gold” deposits, there is no need to engage in high technology, invest in high-tech production in order to earn on the sale of competitive products. It is much easier to exploit deposits, “extruding” everything possible from them. This applies not only to oil, but also to gas, coal, gold, wood, and in general everything that the Russian land is rich in.
Some time ago, President Putin set a task - to achieve such a state of affairs that income from the real sector of the economy, i.e. from production, equal to income from oil and gas exports. For this, even a lot of effort was made. In Russia, enterprises for the assembly of cars of many foreign brands have opened. Certain successes have been achieved in this direction. But still, Russian products are not very competitive and are sold only within the CIS. And the country lives mainly due to the export of natural resources. And so it will be until the fossils run out or a replacement is found. The conclusion is elementary - Russia's economic potential in the form of natural reserves is consumed completely economically.
Another thing is the aforementioned Germany, which buys oil and gas for currency for its enterprises and just for domestic needs. The German people are forced under such conditions to generate technological inventions, innovations, constantly improve their production, being in fierce competition with neighbors in the European Union, who also do not have special natural resources. Only in such conditions does the people begin to be truly the country's main economic resource .
Another example of how people can earn money without taking anything from nature are resorts. The Bavarian Alps, the Swiss Alps, the waters of Baden-Baden, which the Russian aristocracy traveled since the 19th century. Even Turkey has brought the level of service at its Black Sea and Mediterranean resorts to a world level. Production produces high quality products. And, as a result, Turkey, by the standards of the European Union, is a strong middle peasant in terms of living standards. And on the other side of the Black Sea, Russian resorts are waning, and the Russians themselves love to have a “patriotic” vacation anywhere — in Turkey, Egypt, Thailand, the Bahamas, actively raise the economy of these countries with their money, but not in Sochi, Anapa, Tuapse, Gelendzhik . For some reason, this is not prestigious, and the level of service leaves much to be desired, and prices are higher than Turkish and others.
All these examples once again prove: as a people relates to their country, so it lives. And as the economic potential is realized by the government, such a benefit to the country and people. Indeed, no matter how much gold is deposited in the bowels of one or another land, the key is the ability to dispose of it correctly.
The United Arab Emirates, Kuwait, Qatar, Bahrain, Brunei provide an example of a worthy, prudent use of the country's economic potential. The states are small in territory and population, but give Russia a head start in many ways. All of them are rich in oil, but this does not prevent their governments from encouraging developments in the field of scientific and technological progress and other areas of production. Therefore, here are created unique in their service and affordable resorts, consumer goods and industrial goods, appliances, electronics are produced, and there is no looping on petrodollars.
And more information for consideration
Over time, the most valuable resource on the planet will be fresh water. In this regard, Russia is very lucky, its water economic potential is really high, because it is in this country that more than a quarter of the world's fresh water reserves are located. What is Lake Baikal worth, so thoughtlessly destroyed only recently! This suggests that, after oil and gas, Russia will begin to export water, trying to extract profit and profit for its oligarchs from here. Therefore, as long as there is something to export, taking it away for free and barbarously from nature, the Russian people will never become for Russia the invaluable potential that German in Germany has become, the American in the USA, etc., and the standard of living in the country will correspond to the level of economic culture of its people.