User:Nanobear~enwiki/CrisisMedvedev

In September 2008, Russia was hit by repercussions of the global financial crisis. Before this, Russian officials, such as Finance Minister Alexei Kudrin, had said they believed Russia would be safe, due to its stable macroeconomic situation and substantial reserves accumulated during the years of growth. Despite this, the recession proved to be the worst in the history of Russia, and the county saw its GDP fall by over 8% in 2009. The government's response was swift and decisive: it used over trillion rubles (more than $40 billion) to help troubled banks, and initiated a large-scale stimulus program, lending $50 billion to struggling companies. No major banks collapsed, and minor failures were handled in an effective way. The economic situation stabilised in 2009, but substantial growth did not resume until 2010. Medvedev's approval ratings declined in wave of the crisis, dropping from 83% in September 2008 to 68% in April 2009, before recovering to 72% in October 2009 following improvements in the economy.

According to some analysts, the economic crisis, together with the 2008 South Ossetia war, delayed Medvedev's liberal program. Instead of launching the reforms, the government and the Presidency had to focus their efforts on anti-crisis measures and handling the foreign policy implications of the war.