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Russia to hike defense spending by almost 70% in 2024, totaling around 6% of GDP — more than spending allocated for social policy (www.themoscowtimes.com)

submitted 10 months ago by [email protected] to c/[email protected]

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The increased defense spending comes as Russia's Central Bank warns economic growth is set to slow down in the second half of 2023, with inflation above the bank's target of 4%. Vladimir Putin and other officials have largely shrugged off the economic effects of the Ukraine offensive, arguing Russia has largely weathered the storm of Western sanctions.

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[–] [email protected] 7 points 10 months ago

Only half? They must have taken some impressive anti-corruption measures to get it down.