To counter the steep economic downturn in 2009, Russia enacted a stimulus package equivalent to almost 7 percent of GDP. The Kremlin's response was effective and its consequences lead Russia's relatively quick recovery.

Russia weathered the global recession better than initially feared, but the crisis has emphasized the country’s long-standing need to modernize its public sector, strengthen its financial sector, and improve its investment climate.

Russia is among those countries that have been hardest hit by the global economic crisis. The country’s leadership can help avoid long-term economic and social problems by taking quick and targeted action to mitigate its impact on households.

Russia’s response to the global economic crisis has focused on supporting corporations and the financial sector. The deepening social impact of the downturn suggests that leaders should concentrate on cushioning the blow to the poor and the vulnerable.