Economist Podcasts Fortunes of war: is Russia’s economy slowing?
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Sep 29, 2025 
Join Callum Williams, a Senior economics writer at The Economist, and Alice Su, a Senior international correspondent, as they dive into Russia's resilient but slowing economy under sanctions. Callum reveals how fiscal stimulus has masked the economic downturn while exploring whether rising inflation could pressure Putin. Alice shares insights on the creative tactics of protestors in China, highlighting how economic grievances are turning into political action despite severe state crackdowns.
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Boom Turned To Slowdown
- Russia's economy boomed in 2023–24 but is now slowing toward stagnation.
- Callum Williams attributes this shift to fiscal withdrawal and tighter monetary policy.
Stimulus Hid Sanctions' Impact
- Massive fiscal stimulus masked sanctions' damage by supporting wages and demand.
- Russia used pre-war savings to finance large spending that propped up the economy.
Multiple Forces Shaped Oil Decline
- Sanctions likely harmed Russia but less than expected due to adaptation.
- Factors like high interest rates, low oil prices and ruble gains also weakened oil production.