RUSSIAN GDP Disaster
Video Summary
The Russian economy has experienced significant challenges under President Putin’s leadership. Since 2012, the country has seen a decline in GDP growth, with a contraction in 2022 due to the invasion of Ukraine and subsequent sanctions. While the economy did bounce back in 2023 with 3.59% growth, it still lags behind the global economy, with a index increase of only 7.9% over the past 5 years compared to the US’ 10.9% increase. The value of the ruble has also declined significantly, from 41 against the US dollar in 2013 to 96 in 2023.
The country’s main issues are high inflation, which has been above 10% in many periods, and high interest rates, which have discouraged borrowing. The value of the ruble has also been affected, with a significant decline in value over the past decade.
The war in Ukraine has been a major setback for Russia, with a significant decline in GDP and a worsening of the economic situation. The country’s economy is now smaller than it was in 2013, and it still has a long way to go to catch up. The future outlook for Russia’s economy is uncertain, with ongoing financial sanctions and the ongoing war in Ukraine likely to continue to present challenges.
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