The mood in Moscow and other cities remains upbeat with packed restaurants and busy luxury stores, but a combination of record-high interest rates and persistent inflation is increasingly threatening forecasts for another year of slower, but still war-fueled growth.
"A relatively good period for the Russian economy, which was based on previously accumulated resources, is over," said Oleg Vyugin, an economist and former top central bank official. "High inflation eats away at all that seemingly short-lived success."
This story is from the January 09, 2025 edition of Financial Express Kolkata.
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This story is from the January 09, 2025 edition of Financial Express Kolkata.
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