Economists forecast sharply slump in Russia’s economy

An economist in Moscow said that Russia’s economy will sharply slump and citizens will become poorer and poorer, Newsmax reported on June 13.

Vladimir Gimpelson, director of the Centre for Labor Market Studies at the Higher School of Economics in Moscow believes there are two reasons for the decline of Russian economy after the unprovoked attack on Ukraine. One is the global sanctions against Russia, and the other is President Putin’s counter-sanction measures, which cause an economic decline.

Due to sanctions are expected to be long term, Gimpelson said people’s incomes will standstill, with 46 percent of Russians already working part-time to offset for the shortage of income, according to media findings.

But Putin said last week that in spite of Western sanctions there will be no iron curtain dropping on the Russia’s economy because Moscow will not isolate itself from the world like the Soviet Union did.

The founder of the New Federal State of China, Miles Guo once presaged that the evil alliance headed by Communist China and Russia would form an independent economic system to antagonize against the economic system of the civilized world. This possibly hints what Putin means Russia will not be isolating itself from the world.