Question

Which term best describes russia’s transition to a market economy

Answer 1

The correct answer is:

Difficult.

After the collapse of the Soviet Union in 1991, Russia made attempted to develop a market economy and attain steady economic growth. However, the country has undergone many difficulties in making the transition. Reforms recommended by the United States and IMF lead to hyperinflation, wich followed the removal of Soviet price controls and again after the 1998 Russian financial crisis.