@alexmilman our resident russian expert please give your insight
I never pretended to be an “expert” but flattery is always gladly accepted. 😂
The question is quite complicated because a lot depends upon the definitions, especially as far as the “might” is involved. In 1912-13 reputed French economist conducted analysis of the Russian economy based upon the statistic data from the past few decades and came to a conclusion that, without the wars and other big problems the Russian Empire will have the biggest economy in Europe (IIRC, the US was not mentioned).
One may discuss reliability of the method based upon the statistics from the past (linear approximation with no allowances for the unknown scientific and technological innovations, etc.) but in a presented generally rosy picture one thing was missing and it was growing dependency upon the foreign capital. Mostly French, Belgian and British. Starting from Witte’s tenure as the Finance Ministry the explicit policy of the Russian government was combination of a protectionism with the increasing dependency upon the import of the foreign
capital. By the 1910s 60-70% of the financial transactions in Russia had been controlled by six major banks of St-Petersburg which, in turn, had been controlled by the French capital. Which, in turn, meant that a big part of the Russian industry had been controlled by the foreign capital.
- Annually, up to 30% (IIRC) of the dividends paid by the Russian enterprises had been exported in gold to pay the foreign investors instead of being reinvested into the Russian economy. And this not counting percentages by the foreign loans.
- All the way to the 1914-15 most of the Russian coal, metallurgical and oil industries had been controlled by the foreign capital. In the case of a coal industry syndicate “Produgol”, controlled by Paris-based committee, had been keeping the coal production artificially low to benefit from the higher costs and additionally benefit from importing duty free French coal. Situation with the iron was more or less the same and Baku oil industry was dominated by “Branobel” (Nobel brothers) and “Mazut” (Rothschild) who were interested in limited production (to keep costs high) and very specific narrow set of the refined products. At least “Produgol” started falling apart in 1912 but what will be a general tendency in a rosy future is anybody’s guess.
- Nomenclature of the fast developing areas was limited with the big gaps. For example, the aluminum production was simply absent. Wolfram ore had been exported to Germany from which the processed metal had been imported. The practical process of getting synthetic rubber was invented by Lebedev in 1910 but went nowhere until the funding for the further research became available in 1932 with the resulting mass production of the Soviet synthetic rubber. The growing number of the Russian-made airplanes, cars and trucks is somewhat misleading because all the way to the 1910s they were overwhelmingly using the imported engines, ignitions, rubber, etc. and the engine-building industry had quite limited capacities until the Soviet times, etc.
IMO, it is close to impossible to say something definite about the further developments both in the terms of having a powerful self-sufficient industry and being independent from the foreign investments. Probably you agree that conversation about a “power” somewhat implies that the power in question is independent. Otherwise this power will be wagged by its “tail”, the countries controlling its industry and finances.
As a side note, the “rosy” scenario definitely excludes the colonial adventures like one in China. Witte’s idea of the peaceful penetration proved to be a very costly failure economically and politically. His pet railroad project (TransSib passing through China - East China RR) lived on big state subsidies and, after RJW it became obvious that there is a need to get back to the abandoned initial project of the line passing completely through Russia (Witte kept resisting it even after the war). The RR expansion into Korea greatly contributed to start of the RJW while not producing any serious benefits. The adventures with Port-Arthur and Dalnii does not need any explanations except, perhaps that it cost huge amounts of money before the war and Dalnii as a commercial port proved to be a failure. The only meaningful expansionist move (which, by the geographic reasons would involve a minimal international risk) would be annexation of Xinjiang region because of its natural resources: in OTL the Soviets for quite a while had been controlling it by this reason through the pet warlords.