Russia's economy is booming

geophysicist , 14 minutes ago

Ah some good old russian propaganda

yogthos OP , 4 minutes ago

Ah yes, Russian propaganda as reported by mainstream western sources. 😂

JohnDClay , 2 hours ago

Doesn’t that mean the economy is shrinking since the 5% growth is less than the 7% inflation? (Inflation might be actually higher than that too) I didn’t think that figure is using real gdp.

statista.com/…/monthly-inflation-rate-in-russia/

en.m.wikipedia.org/…/Real_gross_domestic_product

yogthos OP , 2 hours ago (edited 2 hours ago)

No it doesn’t, inflation and economic growth aren’t directly related. Russian economic growth has been around 5% statista.com/…/gross-domestic-product-gdp-growth-…

JohnDClay , 2 hours ago

But if you aren’t using real GDP (inflation adjusted) than the numbers are largely useless, especially in cases of high inflation like Russia.

yogthos OP , 1 hour ago (edited 1 hour ago)

if you aren’t using real GDP (inflation adjusted)

In the first quarter of 2024, the real gross domestic product (GDP) of Russia grew by 5.4 percent compared to the same quarter of the previous year.

You have to look at inflation in relation to wages, not GDP. How is it that you’re unable to understand such basic things? If the cost of living was outpacing salaries in Russia, please explain to me why the World Bank has just reclassified Russia as a high income country. I’m very curious to hear more about this new fangled economic theory you subscribe to. …worldbank.org/…/world-bank-country-classificatio…

JohnDClay , 1 hour ago

Inflation accounts for the price of actual goods. GDP tries to measure how much stuff you’re making. If you make the exact amount of stuff as last year but have 7% inflation, you’re GDP would grow by 7%. So to find out how much stuff a country is actually making, you use inflation adjusted real GDP.

yogthos OP , 1 hour ago

That’s not what GDP measures. GDP measures profit companies are making, not the salaries employees get paid. Also, inflation does not directly correspond to the cost of living either. Again, please explain how in your mind Russia became a high income country if the economy is shrinking and inflation is outpacing wages. I eagerly await to see your reasoning.