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We lived for 30 to 40 years under the Washington Consensus. That started in 1991, approximately after the Soviet collapse in India....- Sridhar Vembu IDFC FIRST Bank #IEC2025 #INDIAECONOMICCONCLAVE

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The real impact of the collapse of the Soviet Union that shaped modern Russia🇷🇺: While the West gloated as the hammer and sickle was lowered from the Kremlin, what followed was unprecedented capitalist disaster. Male life expectancy collapsed from about 64 years to 57 years between 1990 and 1994. Around 2% of Russians lived below the poverty line in the late Soviet period. By the mid-1990s, around 30–35% of the population, roughly 45–50 million people, were living in poverty. GDP collapsed by around 40–45% between 1991-1998, a collapse worse than the US’ Great Depression. Industrial production fell by roughly 50%. Real wages fell by about 50% as workers went months without being paid. In 1992 alone, consumer prices rose by approximately 2500%, annihilating decades of savings built up by citizens during the Soviet Union. There were over 5 million excess deaths in the decade after the collapse of the Soviet Union. Russia’s fertility rate fell to around 1.16 children per woman by 1999, among the lowest in the world at the time. The collapse of the Soviet Union was an unmitigated humanitarian disaster.
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The real impact of the collapse of the Soviet Union that shaped modern Russia🇷🇺: While the West gloated as the hammer and sickle was lowered from the Kremlin, what followed was unprecedented capitalist disaster. Male life expectancy collapsed from about 64 years to 57 years between 1990 and 1994. Around 2% of Russians lived below the poverty line in the late Soviet period. By the mid-1990s, around 30–35% of the population, roughly 45–50 million people, were living in poverty. GDP collapsed by around 40–45% between 1991-1998, a collapse worse than the US’ Great Depression. Industrial production fell by roughly 50%. Real wages fell by about 50% as workers went months without being paid. In 1992 alone, consumer prices rose by approximately 2500%, annihilating decades of savings built up by citizens during the Soviet Union. There were over 5 million excess deaths in the decade after the collapse of the Soviet Union. Russia’s fertility rate fell to around 1.16 children per woman by 1999, among the lowest in the world at the time. The collapse of the Soviet Union was an unmitigated humanitarian disaster.

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