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.

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