On 31 December 1999, President Yeltsin unexpectedly resigned, handing the post to the recently appointed prime minister and his chosen successor, Vladimir Putin. Yeltsin left office widely unpopular, with an approval rating as low as 2% by some estimates. Putin then won the 2000 presidential election, and suppressed the Chechen insurgency. As a result of high oil prices, a rise in foreign investment, and prudent economic and fiscal policies, the Russian economy grew significantly; dramatically improving Russia's standard of living, and increasing its influence in global politics. Putin went on to win a second presidential term in 2004. 