ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Russia: Social Impact of Economic Crisis

The Russian economy faced a serious crisis in 2009, triggered by the global recession but aggravated by domestic policy defi ciencies, including an overdependence on oil exports, a lack of diversifi cation, overcentralisation of decision-making and widespread corruption. The huge infl ow of petrodollars, with rising international prices for hydrocarbon resources until the middle of 2008, had made the Russian leadership complacent. The economic crisis resulted in worsening conditions of infrastructure, rising unemployment, labour strikes, and widening income disparities. Given the magnitude of the decline in 2009 and the persistence of many problems, not much of a relief is likely in 2010 for the people of Russia.

COMMENTARY

Russia: Social Impact of Economic Crisis

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