The economic strength has maintained support for Putin’s war, but some warned state-led spending is threatening financial stability. Read more at straitstimes.com.
MOSCOW – After Russia invaded Ukraine, Anna, a Russian entrepreneur, made a snap decision to open a real estate agency, hoping to create a safety net from the economic fallout of the conflict. The career change has paid off.
Her business has been underpinned by a state-led spending boom that has propped up the national economy despiteimposed by Western nations in modern history. “Everyone keeps buying at these subsidised rates,” said Anna, 44, who recently finished paying off one of her five existing mortgages. “And who is paying for it? The state.”
Russian industrial executives have been boasting to Mr Putin in public that their plants are raising output to levels last seen in the Soviet era and working around the clock in three shifts to meet the military demand.
The combined value of mortgages handed out by Russia’s top 20 banks rose 63 per cent in the first half of 2023, according to state-run lender Dom.RF and real estate research firm Frank Media. In the first three months of 2023, one of every two new mortgages was subsidised by the state, through various social programmes that provide loans to first-time buyers, including soldiers, at preferential interest rates.
Soldiers are sending home salaries that usually outstrip average local earnings several times. Families of those who die collect compensation that can surpass their annual income.
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