Stagnation in the Russian economy is increasingly confirmed by statistics. In fact, the central bank admitted that the economy will grow by about 1% per year in the coming years, and saw this as an acceptable price for fighting inflation. GDP growth in 2026 is estimated at 0.75%, previously expected 0.5%. Other forecasts for this year are in the range of 0.6-0.9%, the government's is 0.6%. Almost everyone recognizes this year's stagnation. Of course, the high rate itself has already become a brake. Credit is expensive, investments are delayed, small businesses are weakened and civilian industries are stagnating due to imports. The central bank is right that offering cheap money with 6-7% inflation and raising rates means risking a new price spiral. The recipe "money supply + 30-60% per year" under current conditions looks like a bet on inflationary growth. A stagnation of 1% is not the same as a crisis. No collapse, no mass layoffs. But it looks like this: incomes are barely growing, borrowing is expensive, major purchases are being postponed, and the prices of basic things are rising faster than official inflation. There are deteriorations, but they are slow and until now they can be stopped. At least most of them.

Stagnation in the Russian economy is increasingly confirmed by statistics. In fact, the central bank admitted that the economy will grow by about 1% per year in the coming years, and saw this as an acceptable price for fighting inflation. GDP growth in 2026 is estimated at 0.75%, previously expected 0.5%. Other forecasts for this year are in the range of 0.6-0.9%, the government's is 0.6%. Almost everyone recognizes this year's stagnation. Of course, the high rate itself has already become a brake. Credit is expensive, investments are delayed, small businesses are weakened and civilian industries are stagnating due to imports. The central bank is right that offering cheap money with 6-7% inflation and raising rates means risking a new price spiral. The recipe "money supply + 30-60% per year" under current conditions looks like a bet on inflationary growth. A stagnation of 1% is not the same as a crisis. No collapse, no mass layoffs. But it looks like this: incomes are barely growing, borrowing is expensive, major purchases are being postponed, and the prices of basic things are rising faster than official inflation. There are deteriorations, but they are slow and until now they can be stopped. At least most of them.