Connect with us

Hi, what are you looking for?


Putin Has A Problem: The Russian Economy Is in a ‘Deep Recession’

Russian military drilling with artillery. Image Credit: Creative Commons.
Russian military drilling with artillery. Image Credit: Creative Commons.

Putin says the Russian economy is in good shape. Others claim it is in a ‘deep recession.’ So who exactly is telling the truth these days as sanctions surely are having in impact? 

Vladimir Putin has claimed Russia’s economy is holding up against Western sanctions, just days after officials were reportedly warned of a deep recession.

The Russian President told the Eastern Economic Forum in Vladivostok: “Russia is coping with the economic, financial and technological aggression of the West,” state news outlet TASS reported.

“Russia’s currency and financial market has been stabilized, inflation is falling, and the unemployment rate is at a historic low,” Putin said.

“Estimates and forecasts of economic dynamics, including by entrepreneurs, are much more optimistic than they were at the beginning of spring.”

Reuters reported that Putin added: “We have not lost anything and will not lose anything,”

However, Bloomberg reported on Monday that officials have been handed a report forecasting a longer and deeper recession than has been publicly acknowledged.

The Kremlin-commissioned report was presented to top Russian officials on August 30, the wire said.

Two of three scenarios that the report explored found Russia’s economy would not return to prewar levels until the end of the decade or later, Bloomberg reported.

Expert Biography: Sinéad Baker is a News Reporter based in Business Insider’s London bureau (where this first appeared). Sinéad most often covers breaking news, US politics, and global censorship. She has covered developments within the Trump administration, written about terrorist attacks in real time around the world, and delved into the aftermath of aviation disasters. She has closely covered the 2020 presidential race and crises in international diplomacy. She has appeared on BBC News and The Guardian’s politics podcast to talk about developments around the world, and has been cited by Congressional hearings.

Written By

Sinéad Baker is a News Reporter based in Business Insider's London bureau.