Russian economic prospects on down slope

There is a contrast to a letter writer’s comments (apparently sourced to ‘peace and justice’ online computer websites), “Countries representing 75 percent of the world’s population have refused to go along with the United States (Ukraine) project” (‘Not the outcome US wanted …’, ER Opinions, 2/14/23).

At the time of the invasion, the United Nations voted overwhelmingly for an emergency resolution deploring Russia’s invasion of Ukraine and called for the immediate withdrawal of its forces [141 votes for, 35 abstentions (i.e., “to formally decline to vote either for or against a proposal or motion”) and five voted against (Belarus, North Korea, Eritrea and Syria).

Another questionable statement is that “the Russian economy is still intact and prospering.” According to Brian D. Taylor, a professor of political science at Syracuse University, in addition to the exodus of more than 350,000 educated young Russian workers of military age, “The Russian economy has been underperforming for 15 years due to poor institutions — weak rule of law, poor protection of property rights, corruption — and consequentially relatively low domestic and foreign investment. Now due to the war, Russian economic prospects have gone from lackluster to dreadful. Sanctions have hit production in key sectors very hard, and the effects will continue to mount. The government is shifting to a wartime economy, which means even more state control and military spending and less investment in human capital such as education and health care. Russia’s economy is expected to decline by 8% over those two years (202223).”

— Mark Gailey, Chico