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With the central bank now operating in the shadow of stagflation, the worst may still be ahead. Data released on Wednesday showed that Russia's economy slumped 3.1% year over year in the last quarter.
Russia’s economy is facing a “moment of truth” as high inflation, an ailing private sector, and critical shortages are poised to constrain Vladimir Putin’s war on Ukraine, according to ...
Russia's central bank says inflation is rising while the nation's economy cools. These are the key ingredients for stagflation, a scenario that's harder to combat than a recession.
As part of the sanctions imposed on the Russian Federation as a result of the Russo-Ukrainian War, on September 2, 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in an effort intended to reduce Russia's ability to finance its war on Ukraine while at the same time hoping to curb further increases to the 2021–2022 inflation surge.
Russia’s economy has shown some cracks owing to inflation and overexposure by military-adjacent industries. But in sum, it has remained resilient despite the war being dragged on for three years.
Financial analysts described Russia's situation as unique, since it has extensive amounts of cash to fulfill its debt obligations. [343] [344] In late July 2022, the IMF upgraded Russia's GDP estimate by 2.5%, but some economists see a long-term problem for the Russian economy, and explain its resilience only by a short-term increase of energy ...
By 2016, the Russian economy rebounded with 0.3% GDP growth and officially exited recession. The growth continued in 2017, with an increase of 1.5%. [146] [147] In January 2016, Bloomberg rated Russia's economy as the 12th most innovative in the world, [148] up from 14th in January 2015 [149] and 18th in January 2014. [150]
Others have also issued dire assessments of Russia's economy. The Bank of Finland’s institute for emerging economies published a report Thursday that said growth will slow to just 1% in 2025 and ...