Helena Lyng Blak
10 weeks ago

The Russian election in a wartime economy

What are the economic realities for the millions of Russian voters who will be casting their ballots this weekend?
Toy military tank on Russian rubles.
UladzimirZuyeu / Shutterstock.com

According to the International Monetary Fund, Russia’s economy shrank by 2.1% in 2022, the first year of the Russo-Ukrainian war, BBC reports. But in 2023, estimations show that Russia’s economy grew again, by 2.2% and is forecast to have a growth of 1.1% in 2024.

As per The Economist, Russia’s most recent financial worry, its inflation that hit 7.5% in November, may also soon prove to be less significant than expected, as forecasters predict the rate to fall to 4% soon.

Despite many predictions, a Russian financial collapse simply has not happened.

On the contrary, Bloomberg reports that poverty and unemployment in the country have decreased to a historic low. Meanwhile, wages are skyrocketing.

Especially noteworthy is the growth of wages among Russia’s lowest earners, which has increased the fastest, with an annual rate of roughly 20%.

Ultimately, although Russia definitely has financial challenges to deal with—Russia’s wealth fund reserves have been halved, for one—the average Russian voter is currently experiencing social and economic mobility alongside pay hikes and job security.


The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

5 hours ago Israeli Airstrike Hits Rafah Tent Camp Israeli airstrike on Rafah camp kills dozens, raising international alarm.
6 hours ago Meta and Call of Duty Maker Sued by Families of School Shooting Victims Families of the 2022 Uvalde school shooting victims file lawsuits against major corporations and officials, claiming they contributed to the tragedy.
8 hours ago Walmart and Capital One Call It Quits on Partnership Walmart and Capital One announce the end of their six-year card partnership amidst legal disputes.
8 hours ago US Market Open - May 27, 2024: Wall Street Wavers but Nasdaq Soars Daily update from the US market open.
10 hours ago Crypto, Currently: May 27, 2024 - Ethereum Leads Weekly Surge, Bitcoin Holds Steady Daily update on Ethereum, Bitcoin, and more!
1 day ago Debunking the headline: US GDP grows by a third ahead of EU in 15 years Europeans need not worry as much as these articles would suggest.
1 day ago Empowering Women Could Boost Economic Growth, Says IMF Economists Discover how gender equality initiatives could transform economies in Japan and Korea.