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Ten years after beginning its transition from communism, and more than three years after the financial crash, Russia’s economy is recovering. President Vladimir Putin’s policy is working, and some important reform thresholds – the new tax or land code, for instance – have been crossed. However, by no means does this imply that all problems and potential crises have been left behind.
Russia has reacted quite well since the 1998 financial crash. Under a less-than-liberal economic policy, Russia has rebounded since 1999, with 3.5% growth recorded that year (when the IMF had forecast a drop of 7%), followed by 8.2% in 2000, and probably 5.5% for 2001. This trend began much earlier than the oil and gas improvement.
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