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Highlights:

- Russia’s economy is overheating due to high spending on Ukraine.
GDP growth is expected to slow from over 4% in Q2 to about 2% in H2 2024, and 0.5%-1.5% in 2025.
- Labour is scarce, with unemployment at a historic low of 2.4%.
- The central bank raised rates to 18% to combat persistent inflation.
- Construction and banking are affected by high rates; capital investment remains robust.
- Long-term issues include low population growth and a challenging investment climate.