London’s Economist magazine issued a public warning against triumphalism about the desired collapse of the Russian economy. In an article headlined “Russia’s war economy has problems—but is not about to crash,” they explicitly attack the prevalent Western Establishment chorus of voices proclaiming that Russian President Valdimir Putin is on the ropes:
“Is this it, finally? After four years of sanctions-busting growth, a chorus of think-tank economists is calling time on Russia’s war economy. A new report from the Kiel Institute for the World Economy argues that Russia faces ‘structural exhaustion.’ Charles Hecker of the Royal United Services Institute reckons it ‘is probably already in recession.’ Nigel Gould-Davies of the International Institute for Strategic Studies talks of ‘the coming crisis in Russia’s political economy.’”
No such luck, the Economist argues. “Despite fresh strains, the economy is not about to collapse… In some ways the economy is improving. Inflation is half its recent peak of over 10%. Real wages, already 25% higher than in 2019, keep rising. Many firms are doing just fine.”
