What were the main challenges faced by the Russian economy during the period of economic reforms in the 1990s?

The main challenges faced by the Russian economy during the period of economic reforms in the 1990s were:

1. Transition from a centrally planned economy to a market-based economy: The shift from a command economy to a market economy was a complex process that required significant restructuring and liberalization. This transition led to challenges such as price liberalization, privatization of state-owned enterprises, and the establishment of a legal framework for market competition.

2. Hyperinflation and currency devaluation: The Russian economy experienced high levels of inflation during the 1990s, leading to a rapid devaluation of the currency. This made it difficult for businesses and individuals to plan and invest, as the value of money was constantly changing.

3. Corruption and organized crime: The 1990s saw a rise in corruption and organized crime, which hindered economic development and foreign investment. This created an unstable business environment and discouraged both domestic and international investors.

4. Economic inequality and social unrest: The economic reforms of the 1990s resulted in a significant increase in income inequality. Many Russians faced unemployment, poverty, and a decline in living standards, leading to social unrest and dissatisfaction with the government.

5. Weak institutional framework: The Russian economy lacked strong institutions and regulatory frameworks to support the transition to a market economy. This created challenges in areas such as property rights, contract enforcement, and corporate governance.

Overall, the Russian economy faced numerous challenges during the 1990s, including the transition to a market economy, hyperinflation, corruption, social unrest, and weak institutional frameworks. These challenges had a significant impact on the country's economic development during this period.