By the end of WWII, Leningrad had pretty much recovered from the consequences of the Siege and raids. Following the Great Victory, the government and city residents continued to sacrifice their lives for the city’s resurrection. Unlike other Soviet cities, Leningrad was restored to its pre-war magnificence. Even completely destroyed buildings, such as the Palace of Peterhof, were reconstructed precisely.
By the 1970s, the city achieved social and economic stability and became one of the world’s greatest tourist attractions. Tourists from the USSR and from abroad, even those from rival countries, flooded the city’s historic blocks, squares, museums, etc.
From the 1970 through the early 1980s the city’s economy was stable. With the advent of the renowned Perestroika reformist policy, the city began to deal with serious economic problems. In the times of total economic, political and social disintegration, followed by the breakup of the Soviet Union, the city slid into chaos and lawlessness.
In 1991, after the city referendum, the city’s Soviet name of Leningrad was changed back to the Germanic St. Petersburg.
Throughout the 1990s, St. Peterburg was dealing with political instability and notoriously high criminal activity. After the turn of the 21st century, some business areas began to show signs of improvement. By now, the city has attracted a substantial amount of foreign capital. Although most industries are still down, and St. Petersburg is behind Moscow and some other industrial cities economically, the city has obtained its own unique economic climate. By the 300th anniversary of its foundation, which was celebrated in 2003, St. Petersburg had undergone a significant renovation. Being one of the world’s biggest tourist attractions, it has become no smaller an attraction for both domestic and foreign hotel business.