Oh, and now then, about recession in Russia.
The classic measure is 2 or more quarters of flat or negative GDP growth. There have certainly been recent attempts to redefine this, but that is the standard definition.
Before we go looking at Russia’s numbers, note that countries don’t dissolve because of recession. At least, not if they have a central bank. A central bank can create money, hand it to the government and the government will hand that out as spending.
G(ovt Spending) is in the GDP equation. Print it and hand it out and next thing you know GDP is growing.
Then there is the fact that GDP also has a Purchasing Power Parity sub definition.
Russia’s GDP was $2.17T in 2024. That was up 4.1%. This was 11th largest in the world.
Measured by the PPP norm, it is 4th largest.
Prevailing growth projections for 2025 are 1.5%. That’s not flat or negative. The IMF is calling for 0.9%. Which is not flat or negative.
Oh and when GDP is quoted, it is quoted real. Post inflation.
So recession? It’s REALLY hard to get recession when governments spend enormous numbers for that G variable. Which is why the US, with $2T deficit, won’t fall into recession. The govt holds it up.