An analysis from the Centre for Policy Research (CEPR) network of academics has found that when this is stripped out last year’s recession was twice as bad as official figures suggest. What do the official figures say? Spending in shops has fallen 10%, he said, showing that the real economy has suffered a dramatic contraction. The pair concluded that Russia’s recession last year was broader and deeper than the official figures showed once the focus is switched to non-military activity. Russian workers have low average incomes, pay very little tax, and are few in number relative to the retired population.

Source: The Guardian April 11, 2023 09:07 UTC