Transformational Recession

Authored by: Vladimir Popov

Handbook of the Economics and Political Economy of Transition

Print publication date:  April  2013
Online publication date:  May  2013

Print ISBN: 9780415591126
eBook ISBN: 9780203067901
Adobe ISBN: 9781135080877


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From 1989 to 1998 Russia experienced the transformational recession – GDP fell to 55 per cent of the pre-recession 1989 level. During the second transition decade, 1999–2008, the Russian economy was recovering at a rate of about 7 per cent a year and barely reached the pre-recession peak of 1989 (Figures 9.1 and 9.2). 2 However, another recession – this time a cyclical one – followed, and Russian GDP fell by nearly 8 per cent in 2009. Only in 2012 was the country’s pre-recession (1989) GDP finally surpassed again. In sum, therefore, for two decades, there has been no overall increase in output.

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