Sweden Says Russian Economy Contracted 8 Percent From 2020 to 2024

Sweden's government released an assessment that Russia's economy contracted 8 percent between 2020 and 2024, contrasting with Moscow's claim of 13 percent growth. Foreign Minister Maria Malmer Stenergard wrote in a New York Times op-ed that nighttime luminosity data indicated lower economic activity than official statistics reflected.

Stenergard stated that Russia's reported 2024 inflation of 10 percent was understated, noting the central bank raised its benchmark rate to 21 percent that year. 2 percent figure.

Higher oil prices linked to developments in the Middle East have increased Russian export revenue, though Swedish intelligence said Urals crude would need to average above $100 per barrel for the remainder of the year to provide substantial fiscal relief. 87 a barrel. Stenergard called for tighter sanctions on maritime services including insurance, port access, and financing.

Stenergard noted that Russia's nominal economy is smaller than that of Texas and that the national wealth fund's liquid assets have been drawn down to fund military spending. 8 percent at the start of the year. 1 million additional workers by 2030, with the total shortfall reaching 11 million jobs over five years when retirements are included.