Russia’s Gloomy Prospects
Over the past decade, Russian President Vladimir Putin’s regime has degraded the institutions that are essential to the functioning of a modern economy. And yet, even as crony capitalism cripples GDP growth and undermines real wages, Putin has given no sign that he intends to change course.
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MOSCOW – Russia’s economic prospects are looking increasingly grim. Last year, plunging energy prices and international sanctions contributed to a 3.7% fall in GDP. Real wages in the country plummeted by around 10%. This year, the negative trend is expected to continue. In 2016, public spending on education and health care is slated to decline by 8%.