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About: Great Recession in Russia     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : yago:Sound107371293, within Data Space : dbpedia.org associated with source document(s)

Type: Thingyago:WikicatStockMarketCrashesyago:Abstraction100002137yago:Clang107380144yago:Event100029378yago:Happening107283608yago:Noise107387509yago:PsychologicalFeature100023100yago:YagoPermanentlyLocatedEntitymilitary conflictyago:Sound107371293 New Facet based on Instances of this Class

The Great Recession in Russia was a crisis during 2008–2009 in the Russian financial markets as well as an economic recession that was compounded by political fears after the war with Georgia and by the plummeting price of Urals heavy crude oil, which lost more than 70% of its value since its record peak of US$147 on 4 July 2008 before rebounding moderately in 2009. According to the World Bank, Russia's strong short-term macroeconomic fundamentals made it better prepared than many emerging economies to deal with the crisis, but Russia's underlying structural weaknesses and high dependence on the price of a single commodity made the crisis' impact more pronounced than would otherwise be the case.