After more than two years of war in Ukraine, little has changed economically for most Russians. And this despite large-scale sanctions that have seriously limited Moscow's trade with Europe, the United States and their allies, the Associated Press writes.
Inflation is about 7%, which is slightly higher than the Central Bank's target of 3%. But unemployment is low, and according to IMF forecasts, Russia's economy will grow by 2.6% this year, which is much higher than the growth expected for Europe (0.9%), the agency notes.
According to him, Russia's spending on the defense sector gives a powerful impetus to its stable economy. State-subsidized mortgages are fueling a booming construction sector, as evidenced by several giant high-rise complexes built on the banks of the Moskva River.
Russia has become more self-sufficient in the production of its own food since 2014. If a shortage of Western goods occurs, it is covered with the help of China or parallel imports, AP draws attention.
"Of course, there are difficulties - they are connected with the general situation in the world. We know this very well, but I believe that we will overcome them," the Moscow teacher expressed confidence in an interview with the agency.
In general, the country's residents are satisfied with their financial situation. This sense of stability is a "key asset" for Vladimir Putin, who plans to seek re-election in the upcoming presidential election, the Associated Press argues.
