Russia is facing stagnating innovation, more dependence on China, and will become a state-led economy as war in Ukraine drags on, economists say
Russia's war in Ukraine has dragged on for over a year, with the conflict showing signs of warping and deindustrializing its economy.
"Russia will not have access to the technology that would enable them to replicate those hardware developments," Nichols said, adding that soured relationships with other countries will leave its industries unable to adapt. In imports, the government has had to search for alternatives to trading partners that that the Kremlin deems as"unfriendly countries," which collectively represent more than 50% of the global economy, per aThousands of Russians have also fled the country, per Nichols, with a large percentage of those being younger and creative people. When skilled workers leave, this comes at the cost of productivity and innovation.
"The more China views Russia as a useful political foil against Western efforts to contain China's advance and/or as a cheap source of raw material inputs, the less likely it is that the resulting economic outcomes will favor Russia."
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