I just wanted to add a little more data on the Russian recession. Apparently according to Citi Group analysts, the Russian economy is expected to contract 1.5% in 2016. It is probably too early to make predictions for 2017, and some of that is dependent on the price of oil.
The cuts in government spending in 2015 were 10% and the Russian government has said they are expecting another 10% budget cut in 2016. They are expected to run a budget deficit of around 4.4% of GDP according to Citi Group analysts.
Just to put this in context, it was estimated by CBO that as a result of sequestration that U.S. government discretionary spending (meaning not including Social Security and Medicare) in 2013 would decline by 5.6% and in 2014 by 3.6%. The cuts to the U.S. Defense budget was expect to be 6.4% for 2013 and 5.5% in 2014 (non-defense discretionary spending was a reduction of 4.7% in 2013 and 1.6% in 2014). I gather the real figures were close to these projections. I do not have the figures for 2015 near at hand, but I gather it was less.
During the height of the Great Recession in 2009, the U.S. government budget deficit was 9.8% of GDP. For 2015 it was 2.5% of GDP.