Worst multi-state recession in modern history
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- Who
- Russian Federation
- What
- 44 percentage
- Where
- Russian Federation
- When
- 01 January 1992
The worst recession in modern history was in the Russian Federation and the other successor states of the USSR, the Gross Domestic Product of which shrank by a spectacular 44 per cent in the early 1990s. This was a long-lasting and multi-state recession that owed much of its ferocity to the collapse of 70 years of communist rule.
Modern history here is defined as post-World War II.
The technical definition of recession is "a fall in GDP for two successive quarters".