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As Russia’s central bank raises its key interest rate to 19% in an effort to combat high inflation, the economy is feeling the strain of increased government spending on the military. This has led to a rise in workers’ wages and a strong jobs market, but also a significant increase in prices for goods and services.
Despite facing sanctions from other countries due to their involvement in Ukraine, Russia’s economy continues to show solid growth. This is largely due to high levels of government spending, including on the military, and revenue from oil exports.
The central bank has been trying to control inflation by raising interest rates, but so far has been unsuccessful. Economists warn that this may eventually slow down economic growth. However, for now, consumer activity remains high and factories are running at full capacity to meet the demand for both military and domestic goods.
In addition to economic growth, government revenues are also supported by continued oil and gas exports. While there are sanctions in place and a price cap on Russian oil, the country has been able to evade these restrictions and earn billions in oil revenues.
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