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October 11, 2023The finances of Russia have proven to be stable, despite sanctions, “granting it the freedom to pour money into its military machine.”
This is reported by The New York Times.
Almost one-third of Russia’s expenditures in the next year – approximately $109 billion – will be allocated to defense. According to Russia’s estimations, its economy will grow by 2.5% in the next year.
“Moscow has found other buyers for its oil. It has rapidly infused money into the economy to fund its military machine, ensuring employment for nearly every available worker and increasing the size of weekly wages,” explains the publication as the reasons behind the growth.
It is noted, however, that “the production of bullets accelerates the country’s growth but does not necessarily improve the quality of life.” The NYT writes about the depreciation of the ruble and rising prices as signs of issues in the real economy.
At the same time, the publication highlights that “comparing the quality of life before and after the war is very difficult” because funds are allocated for wounded soldiers, families of those killed in battle, and for the “integration of new regions.”