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"…“Two years ago we expected a completely different development, essentially believing that Russia would go into recession, caused by a sharp decline in exports and unemployment,” says Kluge of the German Institute for International and Security Affairs. “Instead, we got a completely different scenario.”…
…Retail and consumer businesses are reacting quickly to such changes. Rostic’s, which replaced KFC in Russia, plans to open 100 new outlets this year. Takeaway coffee consumption in Russia has never been higher. Domestic tourism is also booming.
An employee of one of the Russian travel agencies notes that the sanctions have limited the ability of airlines to expand their fleet and service it, but demand for domestic flights has increased sharply, despite the increase in ticket prices. “For almost the first time, it has become profitable for airlines to fly within Russia,” he said.
People who previously had low incomes have begun to buy more durable goods, such as cars, and to improve their housing conditions, as well as renovating their homes, traveling, and going to restaurants, says Olga Belenkaya, head of macroeconomic analysis at Moscow brokerage Finam.
According to some company executives, income distribution is also changing. "Previously, our clients were creative people and young people. Many have left," says Albert Razilov, creator of the limited-edition Revenge shoe brand. His company's sales have almost tripled during the military operation. He explains it this way: "Now our main clients are adults, mid-level managers from large companies, or business owners involved in import substitution or information technology. They now have money for experiments."
The outflow of capital from Russia has also slowed. At the beginning of the armed conflict, the Central Bank considered the withdrawal of capital a serious risk to financial stability, but recently removed it from its list of concerns.
"In the upper segment, everything is clear: people have a lot of money, they have nowhere to spend it, and so they spend it on experiences," says restaurateur Anton. If before they withdrew money, opened some foreign accounts, bought apartments in Montenegro, now all the money is in the country."
The consequences of this are becoming noticeable in a number of sectors.
For example, private schools are increasingly in demand in Russia. A record number of parents are ready to pay for their children's education..."
originally posted by: nugget1
a reply to: RussianTroll
One would think that the world would take note of a country becoming more profitable when self-sufficient.
Battling Inflation, Russia Raises Key Interest Rate to 18 Percent
The move underscored the wartime risks for the Kremlin as the government pumps enormous sums of money into the Russian economy.
www.nytimes.com...
Russia seen hiking rates by 200 bps to 18% in July as inflation quickens
By Alexander Marrow and Elena Fabrichnaya
July 2, 20249:06 AM EDTUpdated a month ago
www.reuters.com...
originally posted by: network dude
a reply to: RussianTroll
are there a lot of "citizens" left after so many being sent to war and not coming home?
originally posted by: RussianTroll
There is currently no higher salary and comfortable life for IT specialists anywhere in the world, not even in China and India, than in Russia.
originally posted by: RussianTroll
a reply to: FlyersFan
I don't care whether you buy it or not. I don't owe you anything.