The economy is the backbone of every country as if a country has a strong economy; then, it can easily fight with any kind of challenges and issues. With the ongoing COVID problem, most of the countries have witnessed a massive drop in the GDP, which has pushed them on a backfoot. Numerous countries’ economy has been adversely affected by this pandemic, and one of them is Russia.
Russia is one of the most influential and powerful countries, but when it comes to the economy, it is not even in the top five of the world. In the year 2018, Russian President Vladimir Putin announced that by the year 2024, Russia would be among the world’s five most powerful economies.
With the current situation, it seems impossible, which created the latest news of Putin shifting the deadline to achieve this goal from 2024 to 2026. The primary reason that has lead to this delay is the common lifestyle of people, which is highly affected by COVID-19. So, the first priority of the Russian government is to focus on their people and helping them in getting back to normal life first.
What things forced Putin to drop this goal?
The goal of becoming the top economic power of the world was a goal set by President Vladimir Putin in 2018 when he was elected as the president. The government started working towards achieving this goal, but the Coronavirus came in their way and disturbed the whole plan and route. Russia was one of the most badly affected nations by the COIVD-19.
So, the economic depression all over the world made them drop this goal and make lifting up the life standard of people their primary objective. All the nations and their economies are affected by the best COVID-19, but Russia is quite behind them, and it will take more time as compared to other countries to recover and bring back their economy to the normal stage.
How poverty eradication programs and life expectancy has affected the Russian economy?
The Russian president had some severe goals about increasing the life expectancy rate and eradicating poverty from the country. But the worse condition of the economy currently pushed all those goals backward and made the development of common people the first goal. More than 15 million people in Russia are living under the poverty line. It had a massive impact on the economy as if people don’t have a good income; then, they wouldn’t be able to contribute to the GDP.
The next crucial thing is Life expectancy, as it was relatively low in Russia for several years. The average age for men in Russia is a mere 67, which is quite low and had a massive impact on the GDP too. So, Vladimir Putin had to work a lot on enhancing the life expectancy ratio as, without it, he won’t be able to make Russia one of the top economies in the world.
To conclude, Russia is on a back foot when it comes to economic growth, which has made it shift its goals.