Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
To be sure, despite the steep drop in oil prices that began three years ago, Russia has managed to escape a deep financial crisis.Barring serious economic and political reform, that bodes ill for Putin's ability to realize his strategic ambitions for Russia.Back in 2012, when Putin appeared onstage with the Nobel laureate economist Paul Krugman at a Moscow bank conference, Russia's 1998 economic crisis seemed a distant memory. So Putin could proudly contrast Russia's government budget surplus with the large recession-driven deficits across the West.The fact that Russia has avoided a financial crisis is remarkable – and largely due to the efforts of the Central Bank of Russia.The shock to the real economy has been severe, with Russia suffering a decline in output in 2015 and 2016 comparable to what the United States experienced during its 2008-2009 financial crisis, with the contraction in GDP totaling about 4 percent.The media tend to over-emphasize this aspect of Russia's economic woes. All countries that rely heavily on energy exports have suffered, especially those, like Russia, that have failed to diversify their economies.
Elizabeth Warren’s big ideas on Big Tech
We have years until another financial crisis ... right?
Risks to the global economy in 2019
FOLLOW THIS ARTICLE