Russian Economy Collapses Amid Sanctions, Layoffs, and Soaring Mortgage Rates
Russia’s economy is sharply declining, evidenced by plummeting industrial production and widespread layoffs across various sectors. Record-high interest rates (21%) and the ongoing war in Ukraine are exacerbating the situation, pushing the nation towards a severe economic slowdown. Major corporations, including VK and Gazprom, are implementing significant job cuts, particularly impacting IT and white-collar workers in both large and medium-sized companies. The human cost of the war, with substantial military casualties and a resulting labor shortage, further intensifies this economic crisis, potentially leading to a broader economic collapse.
John Q. Hosedrinker