Abstract
After the collapse of the Soviet Union in 1990, the transition of the Russian Federation was marked by a profound crisis leading to industrial collapse and hyperinflation in 1992, followed by a financial crisis in 1998. Eight years later, the scenario had changed. In 2006 and 2007, Russia showed its highest economic growth for 20 years, with GDP per capita increases of 8.6 and 8.8 per cent, respectively. Subsequently, wages were also increased substantially (Federal State Statistics Service [Rosstat] 2014). However, the country’s economy remains very vulnerable in that overall economic growth continues to be highly dependent on factors in the global economy.
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© 2015 Elena Gerasimova and Anna Bolsheva
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Gerasimova, E., Bolsheva, A. (2015). The Russian Federation. In: van Klaveren, M., Gregory, D., Schulten, T. (eds) Minimum Wages, Collective Bargaining and Economic Development in Asia and Europe. Palgrave Macmillan, London. https://doi.org/10.1057/9781137512420_18
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DOI: https://doi.org/10.1057/9781137512420_18
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