Questions: Which country experienced economic turmoil and required a shift towards a market economy?

Which country experienced economic turmoil and required a shift towards a market economy?
Transcript text: Which country experienced economic turmoil and required a shift towards a market economy?
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Solution

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Answer

The answer is Russia.

Explanation
Option 1: Ukraine

Ukraine did experience economic challenges after the dissolution of the Soviet Union, but the most significant and widely recognized economic turmoil and shift towards a market economy occurred in Russia.

Option 2: Georgia

Georgia also faced economic difficulties and transitioned towards a market economy, but the scale and impact were not as profound as in Russia.

Option 3: Russia

Russia experienced severe economic turmoil following the collapse of the Soviet Union in 1991. The country underwent a significant transition from a centrally planned economy to a market economy. This period was marked by hyperinflation, a sharp decline in GDP, and widespread economic hardship. The reforms, known as "shock therapy," were implemented to stabilize the economy and promote market mechanisms, but they also led to significant social and economic challenges.

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