Social Impact of the Global Economic Crisis in Russia

This paper explains the impact of the global economic crisis on Russian society after the latter half of 2008 focusing on the labour market function and the response of various economic actors. It is indicated that in Russia unique labour market adjustment exists and still functions in the current economic crisis, the crisis had a certain impact on the life of ordinary Russians and that the response to the crisis mainly involves reduction of expenses and increase in savings. Thus, unique adjustment function of the Russian labour market suppresses the impact of the economic crisis on the workers and they did not express their discontent in the form of strikes.