Russia Seen “In Denial” As Economy Stagnates -- Rob Garver, The Fiscal Times
Hobbled by international sanctions, low energy prices and a currency that has lost much of its value in the past year, the Russian economy will likely see virtually no economic growth through 2017, according to the country’s central bank.
The country’s faltering economy raises questions about how long Russian President Vladimir Putin can maintain his current sky-high favorability rating with the Russian people in the face of increased economic privation.
The Russian leader is currently in a double bind: the very thing that is insulating him from negative public opinion about the economy is contributing to making the economy worse. - See more at:
Read more ....
My Comment: Thee economy has always been Putin's Achilles Heel .... and the economy is now facing a recession. If the economy is still in the doldrums this time next year .... political opposition to Putin will start to grow (if not sooner).
8 comments:
This article really didn't say all that much in concrete ways, and it had (at least to me) a rather odd mention of Iran.
There is a lot of media downtalk on the Russian Economy, predominantly to Sell the Sanctions.
Counterproductive economic moves at a time when Austerity is killing people, requires a major sales job and the illusions of sucess.
I disagree with the article's assertion that Russians are in denial when it comes to the economy. The Russians that I know are definitely not in denial. And while the economy has stopped growing, people are adjusting accordingly. There are also some pluses that this article does not mention. One .... Russia's currency reserves are impressive. Two .... Debt is at a minimum. And three .... the massive Asian markets need Russian resources.
WNU,
I'll restate, this isn't the Russia of the 70's and 80's.
I agree James. In the 70s and 80s many Russians were willing to accept the hard times because national security was more important than anything else (World War II was the cause of that). But times have changed .... people are far better off today than what they were 30 years ago .... and we all know that. So if everyone makes less money .... big deal .... the social net is still there, there is a lot of work available, taxes are far less which means people get to keep most of their money, and if worse comes to worse .... we can all immigrate to Texas. :)
We'll have to break out the Chili Borscht.
Heh .... I love Borscht.
Wnu,
"Heh .... I love Borscht."
Well then you'll love "Abilene Bayda's Own Chili Borscht"! The package says "preferred by 8 out of 10 Cossacks on steppes everywhere"!
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