Russia among hardest-hit in economic meltdown

[jdobbin]

http://www.usatoday.com/news/world/2008-10-09-russia_N.htm

They were heady days. But they ended so quickly.

Just two months ago, a lopsided war with Georgia supposedly marked Russia's return as a world power. Now, Russians are watching in disbelief as their country has been one of the hardest-hit by the global economic crisis.

And one of the things blames on the meltdown is the invasion of Georgia.

[myata]

I fail to see the evidence of "hardest hit". Stock market meltdown and foreign capital outflow aren't necessarily affecting the lives of ordinary citizens. This is still a poor country, and I can't imagine a regular "babushka" investing in stocks.

Drop in the price of oil may be a more serious concern for them, but it's still running way above what it used to be (courtesy of G.W.Dubya of course - no matter how much he'd dislike them), and it'll have to come down a lot to seriously pinch them.

[PoliticalCitizen]

I fail to see the evidence of "hardest hit". Stock market meltdown and foreign capital outflow aren't necessarily affecting the lives of ordinary citizens. This is still a poor country, and I can't imagine a regular "babushka" investing in stocks.

Drop in the price of oil may be a more serious concern for them, but it's still running way above what it used to be (courtesy of G.W.Dubya of course - no matter how much he'd dislike them), and it'll have to come down a lot to seriously pinch them.

I think the Russian index lost 50% or more and the stock exchange closed multiple times.