MOSCOW — Russia's economy is collapsing, but the situation could be worse. The economic crisis has finally forced the government to adopt sensible policies, thereby staving off disaster — at least for now.
Official forecasts for Russian gross domestic product growth in 2009 remain positive, but most analysts, including government officials, are bracing for a severe recession — which, indeed, appears to have started in the fourth quarter of 2008. The stock market's collapse — its 72 percent fall is the largest of all major emerging markets — is only the most visible sign of this.
Even Russia's oligarchs are pawning their yachts and selling their jets. Signs of political instability are mounting. The approval ratings for Russia's president and prime minister are heading south.
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