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| Content Provider | OECD iLibrary |
|---|---|
| Organization | OECD |
| Abstract | The global financial crisis had a significant impact on the Russian economy and its labour market. The cumulative output loss during the recession was almost 11% in the Russian Federation, considerably larger than the equivalent output loss of almost 5% for the OECD as a whole. The impact of the crisis is even larger taking into account the high growth rates in the Russian Federation prior to the crisis. Indeed, the cumulative growth loss – comparing the loss in output with the growth in output that would have occurred in the absence of the crisis – is estimated to be 19% in the Russian Federation versus 8% in the OECD area. An economic recovery has been underway since the third quarter of 2009, with declining unemployment and a positive real wage growth. The latest OECD projections expect growth to be around 4 to 5% in 2010 and 2011. |
| Page Count | 20 |
| Starting Page | 13 |
| Ending Page | 32 |
| Language | English |
| Publisher | OECD Publishing |
| Publisher Date | 2011-12-12 |
| Access Restriction | Open |
| Subject Keyword | Employment Social Issues/Migration/Health |
| Content Type | Text |
| Resource Type | Chapter |
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|---|---|---|---|
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