Russia was hit hard by the drop in oil prices in the second half of 2008 and also by the financial turmoil that has since spread around the world. While in 2008 the Organization for Economic Cooperation and Development (OECD) estimated the growth of Russia‘s gross domestic product to be 5.6 percent, it predicts a decline of 6.8 percent for 2009. The rebound in oil prices in the first half of 2009 has mitigated some of Russia’s problems, as has the relatively small role of Russia’s banking sector in its overall economy, but recovery may still be a long way off. […]
Memo #:
82
Series:
2
PDF:
PDF URL:
http://www.gwu.edu/~ieresgwu/assets/docs/pepm_082.pdf
