Russia’s economy is failing, but that gives it a chance to reform

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Series Details 09.12.14
Publication Date 09/12/2014
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Since undergoing a near decade-long depression in the 1990s, the prolonged bull market in oil prices driven by a rapid expansion of demand for oil in developing countries (most notably China) enabled Russia to post a decade of impressive economic results.

But a prolonged decline in oil prices threatens to reverse many of these gains. Even before prices started to fall, the economy was slowing as many in Russia sensed the need for a new model of economic development that was less dependent on oil.

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ESO: Background information: State of the Union Speech, December 2014
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ECFR: Commentary, 10.12.14: No good economic options for Putin

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