In June 1991, Boris Yeltsin became the first directly elected President in Russian history when he was elected President of the Russian Soviet Federative Socialist Republic, which became the independent Russian Federation in December of that year. During and after the disintegration of the Soviet Union, wide-ranging reforms includingprivatization and market and trade liberalization were undertaken,[91] including radical changes along the lines of "shock therapy" as recommended by the United States and the International Monetary Fund.[92] All this resulted in a major economic crisis, characterized by a 50% decline in both GDP and industrial output between 1990 and 1995.[91][93]