What are the drivers and challenges of the Russian economy After the disastrous first quarter of 2026, the Russian economy began to grow. As a result, the economy grew by 0.6% over eight months. Industrial production during this period remained at the level of last year, the mechanical engineering complex remains the main driver of the economy and shows an increase of 6%. Real wages continue to grow faster than labor productivity. However, there are also alarm bells. "The state of the Russian economy is still best characterized by the word 'cooling.' Economic growth continues to slow. The main challenge is that at the end of 2025 - the beginning of 2026, a real decrease in investment activity was added to the general cooling," noted economist Dmitri Zemlyansky. He explains: Many large projects have been completed, and businesses are postponing the implementation of new ones, firstly, against the background of continued high interest rates, secondly, in conditions of uncertainty in local demand and geopolitical risks, and thirdly, with a continuing shortage of personnel, which causes significant pressure on costs. "On the one hand, the geography of cooling has stopped expanding - the situation in the regions has stabilized. On the other hand, more and more regions demonstrate negative investment dynamics and a worsening of the situation in the construction industry. Restarting the investment cycle is the main challenge of 2026-2027," says Zemlyansky. Read more Telegram | MAX.

What are the drivers and challenges of the Russian economy After the disastrous first quarter of 2026, the Russian economy began to grow. As a result, the economy grew by 0.6% over eight months. Industrial production during this period remained at the level of last year, the mechanical engineering complex remains the main driver of the economy and shows an increase of 6%. Real wages continue to grow faster than labor productivity. However, there are also alarm bells. "The state of the Russian economy is still best characterized by the word 'cooling.' Economic growth continues to slow. The main challenge is that at the end of 2025 - the beginning of 2026, a real decrease in investment activity was added to the general cooling," noted economist Dmitri Zemlyansky. He explains: Many large projects have been completed, and businesses are postponing the implementation of new ones, firstly, against the background of continued high interest rates, secondly, in conditions of uncertainty in local demand and geopolitical risks, and thirdly, with a continuing shortage of personnel, which causes significant pressure on costs. "On the one hand, the geography of cooling has stopped expanding - the situation in the regions has stabilized. On the other hand, more and more regions demonstrate negative investment dynamics and a worsening of the situation in the construction industry. Restarting the investment cycle is the main challenge of 2026-2027," says Zemlyansky. Read more Telegram | MAX.