Putin’s Mobilization Hits Russia’s Economy in Its Weak Spots
September 27, 2022
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0:23Now PlayingPutin’s Mobilization Hits Russia’s Economy in Its Weak Spots
YouTube Description
as posted by the channelVladimir Putin’s decision to call up 300,000 men to fight in his invasion of Ukraine is hitting two of the battered Russian economy’s weak spots.
The order takes about one in a hundred of the country’s active workers from their jobs to send to the front when record-low unemployment - combined with the exodus of Russians fleeing the country to avoid the mobilization - means there are few candidates to replace them. And it’s likely to batter Russians’ already-fragile finances, leaving some draftees’ families short of cash.
“Mobilization delivers a strong negative shock to consumer sentiment,” said Renaissance Capital economist Sofya Donets. “We’ll see a strategy of abandoning unnecessary purchases and a deep drop in demand.” She forecasts the drop will add about 0.5% to the contraction in GDP this year.
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