Changes

There are other notable factors mentioned above which could make the above long-term forecast worse such as China's financial difficulties causing it to buy less Russian oil in the future and Russia being less able to produce oil post 2035 (See: ).  

There are other notable factors mentioned above which could make the above long-term forecast worse such as China's financial difficulties causing it to buy less Russian oil in the future and Russia being less able to produce oil post 2035 (See: ).  

Prior to the war in Ukraine, Russia practiced fiscal discipline and built up a reserve in order to make it more resilient to Western sanctions.<ref>[https://www.youtube.com/watch?v=75GP_tKHZWA Is Russia's economy under pressure?], Roundtable video, March 5, 2024</ref> However, the war is causing labor shortages, some inflation, and war time economies hurt a country's longer-term economic prospects because the money spent on the military is not spent on education, research and development and other factors which help labor productivity and long term economic growth.<ref>[https://www.youtube.com/watch?v=75GP_tKHZWA Is Russia's economy under pressure?], Roundtable video, March 5, 2024</ref>

Prior to the war in Ukraine, Russia practiced fiscal discipline and built up a reserve in order to make it more resilient to Western sanctions.<ref>[https://www.youtube.com/watch?v=75GP_tKHZWA Is Russia's economy under pressure?], Roundtable video, March 5, 2024</ref> However, the war is causing labor shortages, some inflation, and war time economies hurt a country's longer-term economic prospects because the money spent on the military is not spent on education, research and development, other factors which help labor productivity and other items which help long term economic growth.<ref>[https://www.youtube.com/watch?v=75GP_tKHZWA Is Russia's economy under pressure?], Roundtable video, March 5, 2024</ref><ref>[https://theins.ru/en/opinion/igor-lipsitz/267664 The “no human” factor: How Russia’s workforce shortage rolls back its economic development]</ref>

Currently, Russia is under a wartime economy and is running a deficit.<ref>[https://www.youtube.com/watch?v=75GP_tKHZWA Is Russia's economy under pressure?], Roundtable video, March 5, 2024</ref>  

Currently, Russia is under a wartime economy and is running a deficit.<ref>[https://www.youtube.com/watch?v=75GP_tKHZWA Is Russia's economy under pressure?], Roundtable video, March 5, 2024</ref>