Great Recession in Russia
What is the great recession in Russia?
A culmination of unfortunate events that took place within the Russian economy in 2008-2009. The financial markets, the economic recession, the rapidly decreasing price in Urals crude oil and the fears that remained after the war with Georgia are contributed towards the great recession in Russia.
Where have you heard about the great recession in Russia?
Russia’s recession was watched closely across the world, and it’s likely you would have heard about it at its beginning. In the latter part of 2008, at the beginning of the crisis, Russian markets plunged so dramatically that over $1 trillion had been eradicated from Russia's shares.
What you need to know about the great recession in Russia.
As the crisis continued, certain publications speculated on whether this would increase the Kremlin’s control of specific assets. However, in September 2009 the Russian government announced that it was selling state energy and transport holdings in order to help the nation’s deteriorating infrastructure. From August 2008 to January 2009 the ruble weakened by 35% against the dollar. It rose and balanced again by January 2009 and steadily grew. By the end of the year it reached a significant high of $452 billion. This crisis had a significant effect on unemployment levels in Russia with 1123 companies reporting over 45,000 layoffs.
Find out more about the great recession in Russia.
To better understand the great recession of Russia, see our page on financial crisis.