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Russia Under the Impact of the Global Economic Crisis

Author

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  • Mihai Ioana-Iulica

    (Constantin Brancoveanu University from Pitesti)

Abstract

The global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and in 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems. Despite official attempts to designate Russia as a safe-haven in the stormy sea of the global financial crisis, the crisis has deeply affected the Russian economy. Russia’s fiscal decline –from an average of 7 percent annual growth before the crisis to a loss of 7.9 percent GDP in 2009 – is the highest figure among G20 countries.

Suggested Citation

  • Mihai Ioana-Iulica, 2012. "Russia Under the Impact of the Global Economic Crisis," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 52-56, Decembre.
    • Handle: RePEc:ovi:oviste:v:xii:y:2012:i:2:p:52-56
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    More about this item

    Keywords

    Global Economic Crisis; Anti-crisis Policy; Business; Inflation;
    All these keywords.

    JEL classification:

    • F2 - International Economics - - International Factor Movements and International Business
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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