Russia's energy-based economy sank by 8%

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According to the data of the Federal Statistic Service, the Russian GDP shrank 7.9% in 2009 as compared to 2008, which is generally attributed to the sharp fall of prices for Russia's key commodity export - particularly oil. The drop "was the biggest since 1994, surpassing even the 5.1% fall seen during the 1998 financial crisis", says Neil Shearing, senior emerging market economist at Capital Economics.

In the nearest future experts predict a return to growth by around 4% in 2010 , and a fall back by 1.5% in 2011. The growth, according to Shearing, was effected by the government's fiscal stimulus that gained more traction than expected in the final months of 2009, and will provide for further gain for the next half of the year, after which objective tendencies will take over.