Russia's economy has entered a recession as gross domestic output fell by four percent in the third quarter, according to first estimates published Wednesday by the national statistics agency, Rosstat. The drop in GDP follows a similar four percent contraction in the second quarter, as Western sanctions pummel Russia's economy following Moscow's offensive in Ukraine. The four percent drop in economic output between July and September was less than the 4.5 percent contraction analysts had expected.
The definition of recession is two consecutive quarters of decline in GDP. So that is Q2 and Q3 here, which means that Russia started on that path almost immediately after launching their unilateral war against Ukraine. Europe is projected to get there in Q4, so one quarter later.
Recession is to be expected in a situation like this but unfortunately this will not break Putin’s regime alone. Sustained support of Ukraine will be needed for a long time. Good thing is that Europe and West can easily do that, and as we proceed to isolate Russia completely, the economic hit will start to diminish.
Like every economic downturn, this will also hit those in the weaker positions the worst. That’s obviously also on Putin’s list of sins.
Since Europes economy grew in Q3 we can not fall into recession the next quarter. At least if you stick to the “two consecutive quarters of decline” definition: https://www.reuters.com/markets/europe/euro-zone-q3-gdp-confirmed-02-qq-employment-up-well-2022-11-15/
Oh, cool. For some reason that’s news to me. Been reading too much tankie bullshit, perhaps. Propaganda works!
I guess you missed the part that the recession in US and Europe is at least as bad as in Russia, with Europe now having mass protests and strikes happening in many countries. You have to be utterly deluded to think that the west will be able to keep funnelling billions into Ukraine while domestic economies continue to crumble.
It’s also worth remembering that Russia has already gone through far worse economic disasters in the 90s and 2014 without collapsing. On the other hand, the west has never seen a comparable decline in standards of living.
What the west actually manage is to isolate itself. All major non-western countries are continuing to work and trade with Russia, including China and India which are two major rising powers. All the attempts by the west to isolate Russia geopolitically have failed miserably.