Putin’s economic challenges are numerous but surmountable

Contesting again: Putin is seeking another term in office in an election scheduled for March next year. — AP

RUSSIA’S success in evading a Western oil price cap is helping drive a recovery in economic growth as President Vladimir Putin prepares to run for re-election, despite the problems caused by labour shortages, inflation and high interest rates.

Russia’s parliament has formally set next year’s presidential election date for March 17. Putin, who last Thursday said the economy was set to grow 3.5% this year, on Friday said he would run again, a move that could keep him in power until at least 2030.