The Russian economy, though so far in better shape than Europe, is facing the possibility of very slow growth in the near future. Its tendency to volatility was demonstrated in 2008-09, when Russian GDP fell more than that of any other large country. Looking at that experience and at current concerns, it seems that Russia has both demand-side (slow world growth, uncertain future oil prices) and supply-side (falling labour-force) problems. The continuing failure to provide secure property rights for business probably compounds these difficulties.