Russia saw unexpected 4.1% economic growth in 2024 amid sanctions and conflict, but faces high inflation.

Russia reported a 4.1% economic growth in 2024, defying predictions of a deep recession due to Western sanctions and its conflict in Ukraine. Despite the growth, the country faces high inflation and labor shortages, with food prices rising over 11%. President Putin ordered the government to focus on reducing inflation, which reached 9.5% last year. The economy is now over 6% larger than before the Ukraine invasion.

6 weeks ago
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