Why Is Russia's Economy Growing?
Patrick Boyle On Finance
Patrick Boyle
4.9 • 308 Ratings
🗓️ 5 May 2025
⏱️ 25 minutes
🧾️ Download transcript
Summary
Since Russia invaded Ukraine in 2022, its economy has surpassed most expectations. Last year, Russia’s economy grew more than the United States and Europe and on top of that Russian unemployment is at a record low. What is causing this growth and how are wartime economies different?
Patrick's Books:
Statistics For The Trading Floor: https://amzn.to/3eerLA0
Derivatives For The Trading Floor: https://amzn.to/3cjsyPF
Corporate Finance: https://amzn.to/3fn3rvC
Ways To Support The Channel:
Patreon: https://www.patreon.com/PatrickBoyleOnFinance
Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle
Visit our website:
https://www.onfinance.org
Follow Patrick on Twitter Here: https://bsky.app/profile/pboyle.bsky.social
Business Inquiries ➡️ sponsors@onfinance.org
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Security program on spreadsheets. New regulations piling up? An audit dread. It's time for Vanta. |
| 0:06.8 | Vanta automates security and compliance, brings evidence into one place and cuts audit prep by 82%. Less manual work, clear a visibility, faster deals, zero chaos. |
| 0:18.8 | Call it compliance or call it calm appliance. |
| 0:22.0 | Get it. |
| 0:22.8 | Join the 15,000 companies using Vanta to prove trust. |
| 0:26.8 | Get started at vanta.com slash calm. |
| 0:30.2 | Since Russia invaded Ukraine in 2022, its economy has surpassed most expectations. |
| 0:40.1 | Last year, Russia's economy grew more than the United States and Europe, and on top of that, Russian unemployment is at a record low. Vladimir |
| 0:47.0 | Putin and Russian supporters have hailed this as a great success and as of evidence that Western |
| 0:53.6 | sanctions didn't work. |
| 0:56.0 | It's worth noting that the Ukrainian economy also outgrew the United States and Europe over |
| 1:01.9 | the last two years, having grown 2.9% last year and 5.5% the year before. But, of course, |
| 1:10.1 | no one is trying to claim that business is booming |
| 1:13.1 | in Ukraine. With some carefully chosen numbers, you can put a very positive spin on the growth |
| 1:19.7 | of the Russian economy. And the reason for this is that wartime economies are very different |
| 1:25.6 | to peacetime economies, and so we have to analyze them |
| 1:29.0 | differently. While wars are destructive of physical and human capital, these don't show up |
| 1:35.8 | in national income accounting. Spending on weapons production and the vast spending required |
| 1:41.5 | to reorient Russia's economy, which used to face towards the |
| 1:45.6 | West and now faces towards the East, boosts GDP. As impressive as the GDP growth rates in Ukraine |
| 1:53.7 | over the last two years might at first sound, they come in the wake of a 30% decline in |
| 1:59.9 | GDP in 2022 when the country was invaded. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Patrick Boyle, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Patrick Boyle and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.

