As Putin orchestrates his reelection, a resilient Russian economy is a key selling point
Price increases on imported staples in Russia lead to growth in economy and shift towards domestic products.
- Bilawal Riaz
- 1 min read
Imported staples in Russia such as fruit, coffee, and olive oil have seen significant price increases, leading to the disappearance of many global brands. However, the economy remains stable for many Russians despite sanctions cutting off trade with Europe and the U.S. Inflation is high at over 7%, but unemployment is low and the economy is expected to grow by 2.6% this year. There has been a shift towards domestic products and partnerships with Chinese companies. Despite challenges such as labor shortages and changes in trade partnerships, Russia’s economy continues to hold steady with measures like government subsidies and a focus on oil and gas exports to Asia. The impact of these economic strategies and stability will play a significant role as President Putin seeks another term in office.