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Russia’s economy is much worse than it seems, and ‘elites are increasingly alarmed’ as alternate GDP gauge shows huge contraction

While Russia has claimed its GDP expanded by about 13% between 2020 and 2024, Sweden's analysis of nighttime luminosity shows the economy actually shrank by 8% during that span.

Russia’s economy is much worse than it seems, and ‘elites are increasingly alarmed’ as alternate GDP gauge shows huge contraction

While Russia has claimed its GDP expanded by about 13% between 2020 and 2024, Sweden's analysis of nighttime luminosity shows the economy actually shrank by 8% during that span.

Macro Fortune May 24, 2026

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