 After the initial turmoil and euphoria of early marketizations, Russia's economy sank into deep depression by the mid-1990s due to botched reform efforts and low commodity prices globally.Russia's economy was hit further by the financial crash of 1998 before experiencing a modest recovery in 1999–2000 as commodity prices began to rise again.According to Russian government statistics, the economic decline was far more severe than the Great Depression was in the United States in terms of Gross Domestic Product.