Russia to hike defense spending by almost 70% in 2024, totaling around 6% of GDP — more than spending allocated for social policy

The increased defense spending comes as Russia's Central Bank warns economic growth is set to slow down in the second half of 2023, with inflation above the bank's target of 4%. Vladimir Putin and other officials have largely shrugged off the economic effects of the Ukraine offensive, arguing Russia has largely weathered the storm of Western sanctions.