Renaud Foucart, a senior economics lecturer at Lancaster University, pointed to the dire economic situation facing Russia as the war in Ukraine wraps up its second year.
Russia's GDP grew 5.5% year-over-year over the third quarter of 2023, according to data from the Russian government. But most of that growth is being fueled by the nation's monster military spending, Foucart said, with plans for the Kremlin to spend a record 36.6 trillion rubles, or $386 billion on defense this year.
"Military pay, ammunition, tanks, planes, and compensation for dead and wounded soldiers, all contribute to the GDP figures. Put simply, the war against Ukraine is now the main driver of Russia's economic growth" Foucart said in an op-ed for The Conversation this week.
A Russian attack on a power facility in Ukraine has left 100,000 people without power in...
Hamas has accepted a U.S. proposal to begin talks on releasing Israeli hostages, including soldiers and men,...
For the first time since the second world war, the far right is at the gates...
A little-known heart surgeon who campaigned on limited, closer ties with the West and some reforms...
