ST. PETERSBURG, Russia (AP) \u2014 Russia\u2019s economy is \u201con the brink of going into a recession,\u201d the country\u2019s economy minister said Thursday, according to Russian media reports. <\/p>\n
Economy Minister Maxim Reshetnikov delivered the warning at the St. Petersburg International Economic Forum<\/a>, the annual event in Russia\u2019s second largest city designed to highlight the country\u2019s economic prowess and court foreign investors. <\/p>\n Russian business news outlet RBC quoted the official as saying \u201cthe numbers indicate cooling, but all our numbers are (like) a rearview mirror. Judging by the way businesses currently feel and the indicators, we are already, it seems to me, on the brink of going into a recession.\u201d<\/p>\n The economy, hit with a slew of sanctions after the Kremlin sent troops into Ukraine in February 2022, has so far outperformed predictions. High defense spending has propelled growth and kept unemployment low despite fueling inflation. At the same time, wages have gone up to keep pace with inflation, leaving many workers better off.<\/p>\n Large recruiting bonuses for military enlistees and death benefits for those killed in Ukraine also have put more income into the country\u2019s poorer regions. But over the long term, inflation and a lack of foreign investments remain threats to the economy, leaving a question mark over how long the militarized economy can keep going. <\/p>\n Economists have warned of mounting pressure on the economy<\/a> and the likelihood it would stagnate due to lack of investment<\/a> in sectors other than the military. <\/p>\n Speaking at a forum session, Reshetnikov said Russia was \u201con the brink,\u201d and whether the country would slide into a recession or not depends on the government\u2019s actions. <\/p>\n \u201cGoing forward, it all depends on our decisions,\u201d Reshetnikov said, according to RBC. <\/p>\n RBC reported Russia\u2019s Finance Minister Anton Siluanov and Central Bank Gov. Elvira Nabiullina gave more optimistic assessments.<\/p>\n Siluanov spoke about the economy \u201ccooling\u201d but noted that after any cooling \u201cthe summer always comes,\u201d RBC reported.<\/p>\n Nabiullina said Russia\u2019s economy was merely \u201ccoming out of overheating,\u201d according to RBC. <\/p>\n","protected":false},"excerpt":{"rendered":"ST. PETERSBURG, Russia (AP) \u2014 Russia\u2019s economy is \u201con the brink of going into a recession,\u201d the country\u2019s…\n","protected":false},"author":2,"featured_media":197680,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[12019,51,1700,31078,4179,80080,31576,48928,332,6185,16,15,263],"class_list":{"0":"post-197679","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-ap-top-news","9":"tag-business","10":"tag-economy","11":"tag-elvira-nabiullina","12":"tag-general-news","13":"tag-maxim-reshetnikov","14":"tag-recessions-and-depressions","15":"tag-royal-bank-of-canada","16":"tag-russia","17":"tag-st-petersburg","18":"tag-uk","19":"tag-united-kingdom","20":"tag-world-news"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/197679","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=197679"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/197679\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/197680"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=197679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=197679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=197679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}