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The Russian Federation

In: Minimum Wages, Collective Bargaining and Economic Development in Asia and Europe

Author

Listed:
  • Elena Gerasimova
  • Anna Bolsheva

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.

Suggested Citation

  • Elena Gerasimova & Anna Bolsheva, 2015. "The Russian Federation," Palgrave Macmillan Books, in: Maarten Klaveren & Denis Gregory & Thorsten Schulten (ed.), Minimum Wages, Collective Bargaining and Economic Development in Asia and Europe, chapter 18, pages 325-343, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-51242-0_18
    DOI: 10.1057/9781137512420_18
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    Cited by:

    1. Anna Lukiyanova & Nina Vishnevskaya, 2016. "Decentralisation of the minimum wage setting in Russia: Causes and consequences," The Economic and Labour Relations Review, , vol. 27(1), pages 98-117, March.

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