Wounded Economy: Military Spending Race Threatens Russia With Ruin

The military spending race that has begun in the world in recent years (primarily because of the war in Ukraine) has become a burden on the budgets of many countries, but for Russia in particular, dependence on military injections could prove disastrous, believes Oleg Itskhoki, professor of economics at the University of California, Los Angeles. While military spending in the world is growing from 2% to 3% of GDP, in Russia it is already almost 9% of GDP and 40% of the budget. And even if the war ends tomorrow, it will not be possible to simply get off this needle of military spending, and the money will run out sooner or later.