Monday, March 3
Russian Economy Sobering Up After Fiscal Binge
Economist Andrei Yakovlev notes that the war created not only problems but also opportunities for Russian business, while the Kremlin’s lavish spending of fiscal reserves and excess earnings from oil exports mainly drove economic growth. However, by end-2024, these factors had run out of steam, and Russia now faces the prospect of long-term stagnation, in Yakovlev’s view.