Crisis in Russia
The first sign of incipient crisis in Russia began decreasing trend on the Russian stock market at the end of May 2008, which passed into the collapse of quotations at the end of July, because, as some experts believe, claims Prime Minister Vladimir Putin addressed to the management company Mechel in July and political-military action the country's leadership in early August (armed conflict in South Ossetia).
The peculiarity of the Russian economy before the crisis was the large amount of external corporate debt with little public debt, and the world's third largest gold reserves of the state.
18 September 2008 Prime Minister Vladimir Putin met in Sochi with foreign businessmen, who came to the Economic Forum, said: "We see the strain on our trading floors, but we believe that it is not connected with our problems, we have no systemic problems. All capital figures of the Russian economy - are normal. "The next day, Putin told the author of several books about himself, a correspondent of the newspaper" Kommersant "AI Kolesnikov:" This is the same there is no crisis! "January 28, 2009 in Davos, Putin said in his speech, in particular, that the crisis "is literally hanging in the air. However, the majority did not want to notice the rising tide.
The liquidity crisis in the Russian banks, plummeting stock market indices RTS and MICEX, falling prices for export products (raw metal) began in October - November 2008 to affect the real economy: the beginning of a sharp decline in industrial production, the first wave of job cuts. December 12, 2008 Deputy Head of MERT Andrey Klepach acknowledged that in the IV quarter of 2008, Russia's economy went into recession. December 15, 2008 Klepach statement was refuted by the Minister of Finance Alexei Kudrin predicted GDP growth in Russia in 2009 to 3%.
Government attempts to contain the depreciation of the ruble led to losses of up to one quarter of international reserves of the Russian Federation since the end of November 2008 the financial authorities had begun a policy of "soft devaluation" of the ruble, which, according to the journalist of "Nezavisimaya Gazeta", significantly accelerated the downturn in the industry in November - December 2008, forcing the company to roll production and output current assets in the currency market.
December 4, 2008 chairman of the government Vladimir Putin during a "direct line" with the people announced quota cuts to attract labor migrants in Russia twice (earlier in 2008 it was doubled).
According to Finance Minister Alexei Kudrin on Dec. 27, 2008, in 2009, Russia expects the state budget deficit in 1,5-2 trillion rubles, which will be covered from reserve funds.
According to data released Jan. 23, 2009 the State Statistics Service, in December 2008, a decline in industrial production in Russia reached 10.3% compared to December 2007 (in November - 8.7%), which was the deepest recession in the last decade; generally in the 4 th quarter of 2008, falling industrial production amounted to 6,1% compared to the same period in 2007.
Russia gold and currency reserves fell for the first quarter of 2009, approximately 10%.