Despite Vladimir Putin’s bold rhetoric, the Russian economy is in a state of decline. After years of war in Ukraine and economic sanctions imposed by the West, the Russian economy is struggling to stay afloat.
According to the latest figures from the Russian Federal State Statistics Service, the country’s Gross Domestic Product (GDP) has dropped by 1.8 percent in the last year. This is the lowest figure since 2013.
The decline in Russia’s economy has been compounded by the increasing cost of living and the devaluation of the ruble. The cost of living has increased by 10.7 percent since last year, and the ruble has fallen by 11.7 percent against the U.S. dollar.
Putin has attempted to counter the economic downturn by introducing a series of tax cuts and other measures, but these have had little effect. The Russian leader has also implemented a number of austerity measures, including cutting government spending and raising taxes.
Despite the economic hardship, Putin has managed to get the last laugh. His approval ratings remain high and his popularity has grown in recent months.
However, the economic war against Putin is far from over. With the sanctions remaining in place and the cost of living continuing to rise, the Russian leader will have to continue to fight for the future of the country’s economy.