In its new Russia Macroeconomic Outlook released on  April 2, 2024. Global Data Intelligence predicts that Russia’s growing war economy will cause so-called “special military operations” in Ukraine to double. In November 2023, Russian President Vladimir Putin agreed to a significant increase in military spending. The proposed budget allocates about 30% of tax spending in 2024 to the military. The country wants to significantly increase defense spending also in 2025. From 3.9% in 2023 to 2.7% in 2021 to 6% of GDP is planned.

“This represents a record increase,” suggests Global Data economy. This will increase from $43.1 billion in 2022 to RMB 36.Six trillion ($432.4 billion). “This allocation represents a significant increase in defence investment, with defence and security spending together expected to account for approximately 40% of total budget expenditure in 2024.” Furthermore, Global Data He said the unemployment rate rose to 2% and fell by 9% last year. This decline is primarily due to a shortage of skilled labor due to migration and military mobilization related to the Ukraine conflict.