Current State of the Russian Economy

The Russian economy is experiencing contradictory trends, with some indicators pointing to strength while others highlight underlying weaknesses. Unemployment is low at 2.3% and wages saw significant growth, but this wage increase is largely a result of inflationary pressures rather than true economic expansion. Despite some sectors appearing to thrive, the overall long-term economic outlook remains uncertain, as the excessive consumer spending has prompted the central bank to raise interest rates to historic highs, further straining economic stability. The mixed picture reflects a society that, while not overtly in crisis, faces significant challenges as it grapples with a deteriorating economic foundation.