High-energy pop music blares out across the atrium of a glitzy shopping mall in a middle-class Moscow suburb. But what was meant as the soundtrack to the hustle and bustle of shoppers is instead playing to largely vacant and boarded-up glass-fronted units – a poignant sign of Russia’s economic malaise.
The sprawling Goodzone mall flung open its doors in 2014 amid much fanfare. It includes an eight-screen multiplex cinema that now sits deserted, its foyer lights switched off. Though still open seven days a week, the mall in southern Moscow appears to be slowly dying, with few open shops and even fewer customers.
Following its full-scale invasion of Ukraine, the exodus of Western companies and unprecedented Western sanctions, Russia’s economy defied expectations, pivoting to massive military spending and increased oil exports to China and India.
However, the economy is beginning to show signs of creeping strain, with GDP contracting 1.8% in the first two months of 2026. Russian President Vladimir Putin acknowledged the issue in a government meeting on economic affairs in mid-April.
“Statistics show that economic growth has, unfortunately, been slowing for two consecutive months,” Putin said, demanding officials explain “why the trajectory of macroeconomic indicators is currently falling short of expectations.”
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