Global Financial Crisis Seriously Hits Russian Economy Because of Structural Imbalances
Due to the falling global demand for commodities and the heavy decline of world oil prices in last summer, Russian economy was affected seriously. The following decrease in export revenues and a wave of short-term capital withdrawals led to a crash of Russian stock and capital markets and a deterioration of the economic situation at the end of the previous year. The government decided to stabilize the exchange rate of the Rouble by interventions and to support the domestic banking sector in order to maintain credit availability. In respect of the approaching recession, the parliament approved an economic stimulus package that would help to stabilize the economy and to avoid too strong social burdens for the households. Nevertheless, there is a strong weakening of economic growth because of the economy’s dependency from oil prices and the lack of alternatives up to now.